Russia’s economic growth suggests Western sanctions are having a limited impact. - The New York Times

Russia’s economic growth suggests Western sanctions are having a itsy-bitsy impact.

The resilience of Russia’s economy is fractions fuel global growth, according to a new report by the International Monetary Fund, suggesting that attempts by Western nations to weaken Moscow because of its war in Ukraine travel to be faltering.

In a report emanated on Monday, the I.M.F. predicts that Russian output will expand 0.3 percent in this year and 2.1 percent next year, defying sponsor forecasts of a steep contraction in 2023 amid a raft of Western sanctions.

A coordinated plan by the Joined States and Europe to cap the price of Russian oil exports at $60 a barrel is not predictable to substantially curtail its energy revenues.

“At the New oil price cap level of the Group of 7, Russian improper oil export volumes are not expected to be significantly consumes, with Russian trade continuing to be redirected from sanctioning to non-sanctioning countries,” the I.M.F. said.

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SRC: www.nytimes.com