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that Russia’s economy shrunk by 2.5% last year – far from the 10% drop expected when the US and its allies first announced the economic countermeasures. Meanwhile, Moscow’s central bank projects economic growth could resume this year.
That said, the country is on course to lose a lot of money, specifically $190bn in GDP by 2026 compared to the economy’s trajectory before the war.
“Over the past year, we have taken actions with a historic coalition of international partners to degrade Russia’s military-industrial complex and reduce the revenues that it uses to fund its war. Our sanctions have had both short-term and long-term impact, seen acutely in Russia’s struggle to replenish its weapons and in its isolated economy. Our actions today with our G7 partners show that we will stand with Ukraine for as long as it takes.
The newly sanctioned individuals and companies include “firms that produce or import specialized, high-technology equipment used by Russian defense entities and companies that make advanced materials used in Russian weapons systems,” Treasury said.
. These negotiations form one of the few public points of tension between Kyiv and its western supporters, but could prove decisive in determining the war’s trajectory.Good morning, US politics blog readers. Today marks the first anniversary of Russia’s invasion of Ukraine, a grim milestone in a conflict that shows no sign of ending, and in which the United States has played a major role.
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