Already a subscriber? Make sure to log into your account before viewing this content. You can access your account by hitting the “login” button on the top right corner. Still unable to see the content after signing in? Make sure your card on file is up-to-date.
According to statements from the Kremlin, Russia’s economy remains resilient in the face of Western sanctions.
Following Russia’s full-scale invasion of Ukraine on February 24, 2022, the European Union swiftly implemented a series of sanctions intended to convey the repercussions of Moscow’s actions. The EU has rolled out 11 sanction packages to date, with a recent announcement detailing efforts to eliminate existing loopholes in these measures. Additionally, EU officials indicate that these sanctions could persist for several years.
Responding to this, Kremlin spokesperson Dmitry Peskov remarked on Tuesday, “Russia has been living under a sanctions regime for quite a long time, for decades, and we have sufficiently adapted to it, so such time horizons as five to 10 years do not scare us.”
Far from feeling the pressure, Russia maintains that the imposed sanctions have inadvertently stimulated its domestic economy and industrial sector. This assertion comes amidst criticisms from some quarters that the punitive measures have proven ineffective, citing Russia’s undeterred stance in the Ukraine conflict. Supporting this notion, a Corisk report indicated that export sanctions on Russia were bypassed by approximately $8.5 billion in 2022 alone, based on customs data analyzed across several Western countries.