Russia’s economy stays strong despite Western sanctions
The illusion of a crumbling ruble has disappeared as Russia scrambles back on its feet
By Yashasvini Razdan
Published - May 02, 2022, 06:01 PM ET
Last Updated - Feb 24, 2024, 06:10 AM EST
Russia’s ongoing onslaught on Ukraine has continued for more than a month with no signs of a ceasefire. Economists predicted that the burgeoning Russian economy would witness a terrible crash under the weight of the heavy sanctions imposed by the West.
More than 600 international companies have exited Russian markets. Nearly 155 enterprises have resisted calls to withdraw or curtail Russian operations, while another 96 are deferring new investments or trying to buy time.
The World Bank predicted an 11.2 % drop in Russia’s GDP in 2022 due to harsh financial sanctions implemented by the US and its allies.
