IMF explains why Western sanctions on Russia have underperformed ...News

Resilient oil exports have supported the country’s economy, a report concludes The Russian economy has proven to be more resilient to sanctions than anticipated, the International Monetary Fund reported on Friday. According to the IMF, Moscow managed to redirect its energy exports from sanctioning to non-sanctioning countries, and saw its oil and gas revenues hit record highs last year, driven by soaring energy prices. This helped the Russian economy bounce back strongly in the third and fourth quarters of 2022, limiting the overall drop in output to 2.1%, the IMF wrote in its latest regional report. The momentum

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