Russia has survived U.S. and European efforts to cripple its economy by ramping up defense spending and finding new customers and suppliers in Asia to replace lost trading partners, thwarting sanctions efforts.
A Russian woman tends a memorial for Alexei Navalny, outside the Embassy of the Russian Federation in Washington, D.C. The Biden administration announced more than 500 sanctions against Russia following Alexei Navalny's death, targeting energy revenue. following the invasion of Ukraine, Russia this year is expected to grow faster than the United States, Germany, France or the United Kingdom.
Among them are critical nodes in the Russian military’s supply chain, including two of the country’s 50 largest companies — Suek, an energy producer, and Mechel, a mining operation — as well as more than two dozen entities outside Russia that helped the Kremlin dodge sanctions, and Gazprom Space Systems, which operates a satellite network used by the Russian armed forces.The U.S.
On the first day of the war, Biden said he was confident that the measures would be as devastating as Over the first 10 months of 2023, the most recent data available, the E.U. exported $32 billion in goods to Russia, down from more than $82 billion in the same period in 2021, before the war. E.U. shipments to Central Asian nations over the same period rose sharply, to almost $31 billion from about $18 billion.
The key to Russia’s surprising economic endurance has been large sums of defense spending, what some economists call “military Keynesianism,” in a nod to British economist John Maynard Keynes’s support for using public spending to lift growth.
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