Sanctions on Russia, offset by a windfall from high-price energy exports, haven’t inflicted enough economic pain so far to hurt Moscow’s war effort or push President Vladimir Putin to the negotiating table.
That resilience isn’t expected to last, with many economists predicting a deep recession later this year, a rise in poverty and a long-term degradation of the country’s economic potential. For now, the slow pace of sanctions, Russia’s successful efforts to stabilize its economy and its ability to keep oil and gas flowing overseas have cushioned the blow for Moscow.
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