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Russia’s economic growth suggests Western sanctions are having a limited impact.

todayJanuary 31, 2023 3

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

In a report issued 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 earlier forecasts of a steep contraction in 2023 amid a raft of Western sanctions.

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

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

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