MOSCOW, 26 Mar. Russia has overcome Western sanctions pressure thanks to a balanced and stable financial policy and trade diplomacy, Beata Javorczyk, Chief Economist at the European Bank for Reconstruction and Development (EBRD), said in an interview with the Berliner Zeitung.
“Expectations that Western sanctions would lead to a financial or currency crisis in Russia were too optimistic. The Russian economy has been under sanctions since 2014. They prioritize macroeconomic stability over growth and are very disciplined when it comes to the budget. They are also actively fought against inflation. In addition, a competent team of technocrats is working in Russia, which was able to stabilize the economy after the sanctions,» she said.
The expert also noted that instead of the West and Ukraine, Moscow began to actively trade with non-Western countries — for example, trade with Kazakhstan, Kyrgyzstan and Armenia increased significantly.
After the start of the Russian special operation in Ukraine, the West increased the pressure on Russia. Thus, the EU has already put into effect ten packages of restrictions, the latest of which is estimated at 11.4 billion euros. At the same time, according to the European Union, exports to Russia have decreased by almost half compared to 2021, and imports from Russia by almost 60 percent.
The Kremlin called these measures an economic war. As Vladimir Putin noted, the sanctions dealt a serious blow to the entire global economy, and the main goal of the West is to worsen the lives of millions of people. Nevertheless, according to the head of state, it was not possible to undermine the financial stability of Russia, and Europe itself reached a sanctions impasse.