Since Russia’s full-scale invasion of Ukraine in 2022, the West has imposed over 16,000 sanctions on Russia, intending to cripple the economy driving the Kremlin’s war machine. But the much-anticipated collapse of Russia’s economy never came to pass. In fact, Russia’s wartime economy has proven to be surprisingly resilient, with the IMF estimating that Russia’s GDP grew by 3.5% in 2023 and will continue to grow by 3.2% in 2024. The Kremlin has managed to keep Russia’s economy afloat, in large part, by increased military spending and forging new partnerships with countries like China and India who don’t mind flying in the face of Western sanctions.
And although the Kremlin touts all of this as evidence that the West and its sanctions have failed in their endeavors to defeat Russia, a closer look under the hood reveals a more desperate disposition. A recent Financial Times article paints a more bleak picture of Russia’s relative power in the world's geopolitical hierarchy and the economic consequences it brings.
Financial Times’ Russia correspondent, Anastasiia Stognei, joined The Naked Pravda to reconcile these two vastly different images being painted of Russia’s economy and to discuss the potential long-term consequences of the war in Russia.
Timestamps for this episode:
(3:17) Sanctions and the Russian economy
(6:22) Russia’s wartime economic strategies
(15:23) Long-term effects on Russian society
(24:55) Future trade relations and economic outlook
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