The Penalties they will fall Russia? Many economists believe that Moscow is on the verge of collapse after hitting the West hard. But after three and a half months of war, Putin. On June 7, the Kaiser announced that inflation had slowed and unemployment remained stable.
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Russia is an energy center that continues to record exceptional sales revenue thanks to an increase in oil prices. Veronica Carrion, an economist with the American Bankers Association (ABA), writes in a June 13 publication in the ABA Banking Journal that Putin has “turned the Russian economy into a bulwark” to withstand external shocks. Some experts have questioned the reliability of Russian statistics since the beginning of the war. “It is clear that the Russian government has an incentive to try to hide the economic impact of Western sanctions,” said Andrew Lohsen, researcher in the Europe, Russia, and Eurasia Program at the Center for Strategic and International Studies. But for now, the country is showing unexpected resilience thanks to a series of measures, such as increasing reserves and removing foreign capital.
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Accumulation of gold before the invasion
Before the invasion, Russia ranked fifth in the world in terms of foreign exchange and gold reserves, which are estimated at $630 billion, according to the Institute of Emerging Economy of the Bank of Finland. “This reserve can cover the government’s budget and support the ruble,” Carrion wrote. Russia’s finance minister said in March that Russia had lost access to about half that number due to sanctions. But there is still a lot of gold hidden in the country, which is also the second largest producer of the precious metal in the world.
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Selling oil and gas
Russia also continues to accumulate reserves in the form of emergency funds, thanks to revenues from oil and gas sales. Between April and June, it added $12.7 billion to its emergency reserves. The money will be used to ensure stable economic development amid the sanctions, Reuters reported on June 9, citing a statement from the Russian government.
In addition to saving, for the past eight years, Russia has been dumping foreign capital through aggressive debt reduction, Gian Maria Melici Ferretti, senior fellow for economics studies at the Hutchins Center for Fiscal and Monetary Policy, wrote on March 3. He added that the country is now a net creditor in international markets. “Vladimir Putin is allergic to money lending,” Andrew Weiss, a Russia expert at the Carnegie Endowment for International Peace, told NPR’s Money Planet in February. “He doesn’t want to use the Russian banking system or access to Western capital to make Russia great.”
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Hasan Malik, a sovereign analyst, said Russia is turning inward, having become an international pariah, but as a major producer of commodities, its economy will not collapse completely, even if growth is slow and low. Consulting Loomis Sayles.