The Independent: Russia’s economy is growing while UK and the EU still struggling

The Independent newspaper published a report on Russia’s economy, which is still growing despite Western sanctions.

The report wonders about the feasibility of this sanction and its impact on the status of Russian President Vladimir Putin.

William Mata said in his report that the International Monetary Fund expected the British economy to shrink by 0.6%, and the gloomy outlook placed Britain even behind Russia, which was subjected to sanctions after its invasion of Ukraine.

This has raised questions about whether the sanctions are harming the Kremlin as much as needed.

The International Monetary Fund said Russian output would expand 0.3% this year and 2.1% next year, defying previous forecasts.

“Russian crude oil export volumes are not expected to be significantly affected, even with the G7 capping the price of Russian oil, and Moscow will continue to redirect trade from sanctions to non-sanctioned countries,” a spokesperson of the International Monetary Fund said.

“In terms of sanctions, the immediate impact on Russia’s financial and military situation does not seem as strong as the West had hoped,” CFA and head of investment at Conotoxia Financial Services, Anta Zwiegne Sprog said.

She added that Russia had found new markets for its oil and gas production in response to EU restrictions, but there could be long-term effects, such as a brain drain in senior jobs.

She concluded that, “Meanwhile, the UK, like other EU countries, is still grappling with hyperinflation… Since these countries are facing the largest decline in living standards ever, the decline in gas prices may not be fully reflected in the purchasing power of households.