'Numbers can be varied, but the main result of sanctions is that the economic growth process in Russia has been interrupted for several years,' Oleg Vyugin tells Reuters.
Russia’s current account surplus – the difference in value between exports and imports – more than tripled year-on-year in the first eight months of 2022 to a record $183.1 billion, as revenues soared while sanctions caused imports to plunge, although the central bank expects it to shrink in the second half of the year.“Numbers can be varied, but the main result of sanctions is that the economic growth process in Russia has been interrupted for several years,” he said.
“While export revenues are high, the economy receives very strong support,” he said. “If exports are strongly restricted…this will cause serious harm and we will see the next cycle of falling GDP.”, Western countries and their allies are now preparing to limit usage of Russian oil and gas.