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The Russian economy is expected to shrink by 15% this year and another 3% in 2023, due to the severe blow it has received from sanctions, since the start of the attack on Ukraine on February 24, which would undo 15 years of economic progress , announced the Institute of International Finance, a group operating in the global financial services industry.
The stability of the ruble, the Russian currency, has partly protected the country’s economy from the full impact of sanctions. What is supporting the ruble are sales of high levels of oil and natural gas, and the Russian Central Bank, which has raised interest rates and imposed controls on capital to prevent money from leaving the country.
President Vladimir Putin said this week that unemployment and inflation are falling, backing up his frequent claims that Russia is succeeding despite Western sanctions.
However, the Institute of International Finance argues that sanctions, in part by encouraging foreign companies to leave Russia, are hurting the country’s economy, undoing more than a decade of economic growth. According to the group, some of the most significant consequences of sanctions have not yet been felt.
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