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Western sanctions to shrink Russian economy by at least 10 percent

2022-04-01 19:52:43Biznes SHKRUAR NGA REDAKSIA VOX

Western sanctions to shrink Russian economy by at least 10 percent

The Russian economy seems to be coping well with western sanctions. Rubla is recovering after record depreciation in the early days of the war, markets prices have stabilised after inflation rates hit record numbers.

But this is just the façade. All the data and signals the Russian economy is currently giving are conditioned by the brutal and strong interventions of the local Central Bank, which brought the interest rate from 9.5 percent that was before the war started to 20 percent.

Therefore, for experts there is no doubt that at the end of this year, the Russian economy will shrink. In relation to the severity of sanctions, the shrinkage may be modest, but the figures experts predict range from 10 percent to 15 percent.

To ease the decline, the Russian government has been put in search of new markets to sell its oil and gas, as the loss of the American and Canadian market. After the agreement with China, even with India has signed a pact, under which Russian oil and gas will be sold in this country with rubles.

However, the price at which Russia will sell oil and gas to India and China does not fully cover losses from the Canadian and American market impasse.


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