US Media Questions Russia Sanctions’ Efficacy Six Months In
An editorial published on Tuesday in the Washington Post recounts how soon after the US introduced the restrictions against Russia in response to its military offensive against Ukraine, President Joe Biden claimed that the country’s economy was already “crater[ing]” and “reel[ing].”
However, as the article points out, following the initial shock, Russia’s currency, the ruble, managed to bounce back thanks to Moscow imposing strict curbs on foreign-currency transactions and also due to falling imports.
Moreover, the unemployment rate in the country has not risen sharply and energy exports continue to bring billions of dollars into the Kremlin’s coffers every month, according to the Post.
The piece went on to cite the International Monetary Fund’s latest forecast that Russia’s economy will contract by 6% this year, a significant upgrade from the earlier 10% projection.
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