MACRO PICTURE

Resilience Amidst Sanctions: The Russian Economy’s Wartime Adaptation

By Nato Balavadze

27 November 2024

In this paper we discuss:

  • Russia's economic resilience despite Western sanctions after the 2022 invasion;
  • The impact of military Keynesianism and high defense spending on Russia's economic growth;
  • The role of high global energy prices and a weak rouble in supporting Russia's export revenues;
  • The challenges of inflation, high interest rates, and stagnation in innovative sectors; and
  • Structural risks to the long-term sustainability of Russia's economic strategy

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