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Presidential election in Russia: has the embargo against the country borne fruit?
Presidential election in Russia: has the embargo against the country borne fruit?
(FRANCE 2)
Despite economic sanctions taken by the West after the invasion of Ukraine, Russian growth is 3.6% in 2023. Thanks to its partners, Russia manages to circumvent the sanctions.
Economic sanctions were to suffocate Russia. But, in 2023, the Kremlin claims growth of 3.6%. Despite the sanctions, the city of Moscow has not experienced a shortage. On the shelves, most Western brands have been replaced. Luxury is one of the sectors hit by sanctions, but is not the only one. The first target is Russian gas and its 75 billion euros in exports in the year preceding the war in Ukraine, mainly to Europe.
The Russian economy still penalized
The European Union has given up on part of its imports and Russia has turned to other markets. Gas money is halved. On the other hand, for oil, China and India have replaced European customers. By relying on its partners, Russia manages to circumvent sanctions. They still penalized the Russian economy. In 2024, prices in Russian supermarkets will increase by an average of 7% year-on-year.
Among our sources:
Center for Research on Energy and Clean Air (CREA)
Julien Vercueil, vice-president of INALCO, university professor, economic sciences (section 05), gold medal from the International Kondratieff Foundation, 2017
Carl Grekou, economist at CEPII within the “International Macroeconomics and Finance” program. Graduate of Paris Nanterre University and holder of a doctorate in economics
National Statistical Committee of the Kyrgyz Republic
Non-exhaustive list.
