What’s happened?
Compared with expectations widespread in the West two years ago – that sanctions and the draining effects of Vladimir Putin’s Ukraine war could lead to economic collapse – the Russian economy is doing strikingly well. Twelve months ago, Western analysts expected an overall contraction over the course of 2023. Instead, Russia’s economy grew far more strongly than Western nations (including the UK), with GDP up by more than 3%. Higher oil prices and a ramping-up of exports to China and India have helped protect Russia from the catastrophe many predicted. The withdrawal of Western firms has opened
