How do Western sanctions affect the Russian economy?

Russia’s economy experienced a decline of 0.4% in annual terms during the first six months of 2022, according to data released by the country’s statistics agency, Rosstat. The figures followed the imposition of unprecedented western sanctions on Moscow in response to its actions in Ukraine. Prior forecasts had predicted a more significant collapse of the Russian economy following the sanctions.

The report details the impact of western sanctions on the country’s gross domestic product (GDP).

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