The Russian economy has it Put him on his feet againThis is the weekly reference method for international finance The Economist Comment on the state of things. In the analysis of “the return of the Russian economy to its feet”, the newspaper first of all mentions the decisive recovery The ruble has returned to its highest value in the past two years Against the dollar despite the provisions of Western sanctions. The Russian currency was hit violently in the days immediately following the invasion of Ukraine, causing its value to halve compared to other currencies. On March 7 to buy a dollar $139 was needed, President of the United States Joe Biden He pointed out that the ruble “is worth less than a cent.”. Today, 68 rubles are enough to get a dollar. L ‘economic Remember how this result was also achieved thanks to Capital controls and high interest rates (The central bank raised it to 20% immediately after the war began except for reducing it in two steps to 14% In the past weeks, so) But Washington and Brussels Perhaps they were expecting a stronger impact from the sanctions, in particular the freezing of accounts and exclusion from the financial markets.
Moscow, the weekly continues, seems to keep up Pay your foreign currency obligations There are also signs that the real economy is resilient. True, Russian consumer prices have risen by more than 10% since the beginning of the year, as the initial depreciation of the ruble has increased the cost of imports and the decline of many Western companies, reducing supply. The The number of companies delinquent in wage payments appears to be increasing. But indicators of economic activity are holding up for now,” the magazine wrote. Consumption Electricity For example, the Russians have fallen quite a bit spending continues In cafes, bars and restaurants, according to the results of Sberbank, the largest Russian bank. Indicates that the Russian economy is undoubtedly in recessioneconomical, But expectations of a decline in GDP are rising to 15% in 2022 They started to look very pessimistic. According to the weekly, the main reason for the resilience of the economy comes from fossil fuels that continue to be exported to some extent as they were prior to February 24th. Since the invasion, Russia has exported fossil fuels worth at least 65 billion dollars suggest finnish Energy and Clean Air Research Center. Thanks to the rise in oil and gas prices In the first quarter of 2022 Government revenue from hydrocarbons increased by more than 80% year after year.
The Economist cites well-known data but it is important that the analysis appears in the English weekly par excellence, the voice of a country like Great Britain, At this point among the most stubborn towards Moscow. Weekly is also 43% controlled by Exor, family financial institution Anneli Elkann Who is therefore the main shareholder. Exor itself also owns 89% of Gedi, the Italian publishing group that publishes newspapers, among other things republic, La Stampa and El Sicolo XIX. Especially the newspaper he produced Maurizio Molinari It has so far distinguished itself for a strongly Atlanticist editorial streak, fully embracing the strict American approach and Sending increasing quantities of weapons to Kyiv They often dismiss the views of those who suggest resorting to diplomacy and negotiations as “Putinism”.