Over the past two years, the Russian government has managed to neutralise sanctions and curb inflation while investing nearly a third of its budget in defence spending, CBC reports.
The CBC quotes the Russian head of state Vladimir Putin:
They predicted a recession, failure, collapse. The entire economy has demonstrated resilience.
More than 16,000 sanctions have been imposed on Russia since 24 February 2022, according to US-based Castellum.AI. Some sanctions affect the economy more than others, with more than 11,000 targeting individuals and about 4,600 targeting legal entities, including financial institutions. Several sanctions hundred others target ships and aircraft. However, the latest iPhones and MacBooks are on Russian shelves today because the Russian government and businesses have been able to adapt.
In 2023, half of all of Russia’s oil and oil products were exported to China. Imports from China jumped more than 60 per cent, including shipments of cars and electronics. Trade between the two countries reached $240bn in two years, up 64%. CBC emphasises:
It’s a mouse and cat game. Any delays in terms of taking decisions about additional sanctions gives Russia the opportunity to adjust its policy and its economy.
