The Russian economy showcases growth despite imposed sanctions taken against the nation amidst the ongoing Ukrainian conflict.
The Russian economy showcases growth despite imposed sanctions and punitive measures taken against the nation amidst the ongoing Ukrainian conflict.“The Ruble has collapsed. The Russian stock market closed due to fears of capital flight. Interest rates have more than doubled. Credit rating agencies have significantly downgraded Russia.
At its lowest point in 30 years, the unemployment rate is now at three percent, causing concern among Russian business unions and entrepreneurs who must navigate a context where the country’s resources are channeled towards the war effort. Factories have reverted to the 3/8 shift system reminiscent of the Soviet era, with the Russian workweek now being the longest in a decade.
The defense industry itself is reportedly short of 400,000 workers, despite the reallocation of a significant portion of employees from sectors such as cashiers and cooks. The highly sensitive field of new technologies is suffering the most, as the country lacks around 700,000 coders, programmers, and cybersecurity specialists who are fervently sought after by various government structures.
The country has found new outlets and decisively diversified its partnerships to replace the West. Russian financial transactions on the Chinese CIPS network, a competitor to SWIFT, have doubled in volume in two years, and nearly 20 percent of its exports are now denominated in Yuan.
As for the country’s magnates whose superyachts have been confiscated, and whose assets totaling USD 100 billion have been frozen, they still have around USD 400 billion in deposits scattered around the world. They have quickly replaced the French Riviera and Courchevel with Dubai and Turkey. Finally, young contenders now revolve around Putin: those known as the “princes,” supported by the elite, who will take over from 2030 onwards.
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