As Putin eyes sure reelection, Russia’s economy defies sanctions, critics
Al Jazeera
Russian president’s all but guaranteed fifth term in power comes as economy has outperformed expectations.
Russia’s success in evading Western sanctions has helped its economy far outperform expectations ahead of Vladimir Putin’s all but certain re-election on Sunday.
Ever since Russia’s invasion of Ukraine in February 2022, the Russian economy has consistently defied the dire predictions of critics.
That resilience appears to be holding firm as Russians head to the polls between Friday and Sunday for a presidential election that is set to ensure Putin’s rule until at least 2030.
At the start of the war, the International Monetary Fund expected a prolonged recession, forecasting the economy to contract by 8.5 percent in 2022 and 2.3 percent in 2023. While Russia’s economy did shrink in 2022, the contraction was just 1.2 percent, according to government figures. Last year, the economy officially grew 3.6 percent.
According to Castellum.AI, a global risk platform, Russia has been slapped with 16,587 sanctions since the start of the war – the majority of them against individuals. Some $300bn of Russian assets have been frozen.
