AFP – July 27, 2022
Despite damaging Western sanctions imposed on Moscow in the wake of the invasion of Ukraine, Russia’s economy appears to be weathering the storm better than expected as it benefits from high energy prices, the IMF said Tuesday.
The sanctions were meant to sever Russia from the global financial system and choke off funds available to Moscow to finance the war.
But the International Monetary Fund’s latest World Economic Outlook upgraded Russia’s GDP estimate for this year by a remarkable 2.5 percentage points, although its economy is still expected to contract by six percent.
“That’s still a fairly sizable recession in Russia in 2022,” IMF chief economist Pierre-Olivier Gourinchas told AFP in an interview.
A key reason that the downturn was not as bad as expected was that “the Russian central bank and the Russian policymakers have been able to stave off a banking panic or financial meltdown when the sanctions were first imposed,” he said.
Meanwhile, rising energy prices are “providing an enormous amount of revenues to the Russian economy.”
After starting the year below $80 a barrel, oil prices spiked to nearly $129 in March before easing back to under $105 on Tuesday for Brent, the key European benchmark, while natural gas prices are rising again and approaching their recent peak.
While major economies including the United States and China are slowing, the report said, “Russia’s economy is estimated to have contracted during the second quarter by less than previously projected, with crude oil and non-energy exports holding up better than expected.”
Meanwhile, despite the sanctions, Russia’s “domestic demand is also showing some resilience” due to government support.
But Gourinchas said “there is no rebound” ahead for Russia. “In fact,” the IMF is “revising down the Russian growth in 2023,” 1.2 points lower than the April forecast for a contraction of 3.5 percent.
The penalties already in place, as well as new ones announced by Europe, mean “the cumulative effect of the sanctions is also growing over time,” he said.
The report indicates Europe is facing the brunt of the fallout from sanctions given its reliance on Russia for energy. The situation could worsen dramatically if Moscow cuts off gas exports, and once the European Union imposes a ban on Russian oil delivered by sea starting next year.
This is why the people of the UK and USA are being forced into a war with Russia
https://csglobe.com/putin-banned-rothschild-banking-cartel-russia/
@ SEEMORE BUTT
Putin is friend with Chabad rabbi Lazar .
Lazar is friend with satanjahu .
Satanjahu +Lazar are friends with
Rothschild . so what you think ?
Yes.. well they would know.. what with having their agent ‘Elvira’ heading up the Russkie central bank…
A bank that is a fully paid up member of the BlS… and the BlS being the enemy of mankind and Banking dynasties ‘Crown’..
The fulcrum of the multipolar NWO..
So no real surprises there … but much to think on…
According to Yahoo! News today: “More than 75,000 Russians have been killed or injured in the war in Ukraine so far, according to classified estimates from the Biden administration.”
Sanctions? Get real. Its all disinfo. The West is still probably supplying Judeo-Communist Russia with money, material & weapons just like they did in WWII & the ‘Cold War’. They’re all in on it together to exterminate Aryans in Ukraine..
The British rag for British snobs The Telegraph has complained that young female British tennis player Emma Raducanu ‘will be used as propaganda by Putin’ after appointing a Russian coach … says the rag that immediately used Emma Raducanu for anti-Russia propaganda after she appointed a Russian coach.
https://uk.news.yahoo.com/emma-raducanu-risks-controversy-hiring-071108955.html
> British tennis player Emma Raducanu
Raducanu? Sounds very british…
During the cold war,the US moved shiploads of cheap subsidized grain to Russia/USSR.
Strange helping your enemy to keep it stable.
Leaving billions of dollars worth of military equipment behind after the Afghanistan conflict?.
It is inconsistencies like these which point to a greater conspiracy…..surely.
How about the “Buran” the Russian version of the space shuttle…..externally almost identical??.
Or building 3 of 9/11 fame…..untouched by crashing planes…but collapsed anyway.(It was said to house crucial documents which could have led to prosecutions of leading criminal jews…..maybe the building was hit by Jewish lightning. ….