Part 1/11:

The Russian Economy: Resilience Amid Sanctions

In the aftermath of Russia's full-scale invasion of Ukraine, the West responded decisively with thorough sanctions targeting key sectors of the Russian economy. More than $300 billion in Russian assets were frozen, oil and gas exports faced restrictions, and many Russian banks were expelled from the global SWIFT payment system. Initially, the West anticipated that such measures would spell disaster for Russia's economy. President Biden even claimed on Twitter that the ruble would become "rubble" due to these unprecedented sanctions, forecasting a massive contraction of the Russian economy.