প্রকাশ: 27/07/2022
Despite damaging
Western sanctions imposed on Moscow in the wake of the invasion of Ukraine,
Russia's economy appears to be weathering the storm better than expected as it
benefits from high energy prices, the IMF said Tuesday.
The sanctions were meant to sever Russia from the global
financial system and choke off funds available to Moscow to finance the war.
But the International Monetary Fund's latest World Economic
Outlook upgraded Russia's GDP estimate for this year by a remarkable 2.5
percentage points, although its economy is still expected to contract by six
percent.
While major economies including the United States and China
are slowing, "Russia's economy is estimated to have contracted during the
second quarter by less than previously projected, with crude oil and non-energy
exports holding up better than expected," the report said.
After starting the year below $80 a barrel, oil prices
spiked to nearly $129 in March, before easing back to a little over $105, while
natural gas prices are rising again and approaching their recent peak.
Meanwhile, despite the sanctions, Russia's "domestic
demand is also showing some resilience thanks to containment of the effect of
the sanctions."
In contrast, Europe is facing the brunt of the fallout given
its reliance on Russia for energy, and the situation could worsen dramatically
if Moscow cuts off gas exports, and once the European Union imposes a ban on
Russian oil delivered by sea starting next year.
– BSS/AFP
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