Top Academic Claims Sanctions Have Strengthened the Russian Economy
According to HSE University head Nikita Anisimov, Western sanctions have driven the transformation of Russia's economy, enhancing its resilience. Read Full Article at RT.com.
TroibNews 
The country has essentially ceased to rely on oil and gas exports as a source of income, HSE University Rector Nikita Anisimov has said.
According to Anisimov, the Western sanctions placed on Russia due to the Ukraine conflict have ultimately strengthened the nation's economy. He made these remarks on behalf of HSE economists during a parliamentary hearing concerning the draft of the 2025-2027 federal budget on Monday. Anisimov noted that the sanctions have effectively accelerated the restructuring of Russia’s economy. He explained that as a result, Russia has “essentially ceased” its dependence on raw material exports, such as oil and gas, for income—a challenge the government has dealt with for years.
“As a result, today, largely due to the situation of external shocks and the rapid restructuring of our economy, we have been able to significantly reduce our dependence on raw materials exports. Thus, we can say that the sanctions have only made our economy stronger and more resilient,” Anisimov stated.
President Vladimir Putin also discussed Russia's achievements in reducing dependency on oil and gas revenues during the St. Petersburg International Economic Forum in June. He highlighted a GDP growth of 3.6% last year, rebounding from a 1.2% decline in 2022 when the country first faced extensive Western economic restrictions. According to Putin, much of this growth was driven by non-resource-based sectors, including manufacturing, construction, agriculture, trade, hospitality, and financial services.
In addition, Finance Minister Anton Siluanov reported last month that Russia's economy continued to grow in 2024, with GDP growth of 4.7% in the first half of the year. Siluanov projected an end-of-year GDP growth of 3.9%, surpassing the previous year's figures.
Both Russian and international analysts have observed that sanctions have not destabilized the Russian economy. Many attribute this resilience to Russia's swift pivot towards Eastern trade and various economic policies aimed at mitigating the impact of the sanctions.
Earlier this year, the World Bank and the International Monetary Fund revised their growth forecasts for the Russian economy upward. The World Bank anticipates a 2.9% growth in 2024, while in July, it elevated Russia's status to that of a "high-income country."
The IMF also predicted in April that the country’s GDP would expand by 3.2%, outpacing all advanced economies, including the US, UK, Germany, and France.
For more stories on economy & finance, visit RT's business section.
Emily Johnson contributed to this report for TROIB News
According to Anisimov, the Western sanctions placed on Russia due to the Ukraine conflict have ultimately strengthened the nation's economy. He made these remarks on behalf of HSE economists during a parliamentary hearing concerning the draft of the 2025-2027 federal budget on Monday. Anisimov noted that the sanctions have effectively accelerated the restructuring of Russia’s economy. He explained that as a result, Russia has “essentially ceased” its dependence on raw material exports, such as oil and gas, for income—a challenge the government has dealt with for years.
“As a result, today, largely due to the situation of external shocks and the rapid restructuring of our economy, we have been able to significantly reduce our dependence on raw materials exports. Thus, we can say that the sanctions have only made our economy stronger and more resilient,” Anisimov stated.
President Vladimir Putin also discussed Russia's achievements in reducing dependency on oil and gas revenues during the St. Petersburg International Economic Forum in June. He highlighted a GDP growth of 3.6% last year, rebounding from a 1.2% decline in 2022 when the country first faced extensive Western economic restrictions. According to Putin, much of this growth was driven by non-resource-based sectors, including manufacturing, construction, agriculture, trade, hospitality, and financial services.
In addition, Finance Minister Anton Siluanov reported last month that Russia's economy continued to grow in 2024, with GDP growth of 4.7% in the first half of the year. Siluanov projected an end-of-year GDP growth of 3.9%, surpassing the previous year's figures.
Both Russian and international analysts have observed that sanctions have not destabilized the Russian economy. Many attribute this resilience to Russia's swift pivot towards Eastern trade and various economic policies aimed at mitigating the impact of the sanctions.
Earlier this year, the World Bank and the International Monetary Fund revised their growth forecasts for the Russian economy upward. The World Bank anticipates a 2.9% growth in 2024, while in July, it elevated Russia's status to that of a "high-income country."
The IMF also predicted in April that the country’s GDP would expand by 3.2%, outpacing all advanced economies, including the US, UK, Germany, and France.
For more stories on economy & finance, visit RT's business section.
Emily Johnson contributed to this report for TROIB News
