How Russia's economy grows despite thousands of Ukraine war sanctions [CBS News]
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Source: CBS News
In 2022, the architect of the sanctions , Daleep Singh, predicted they would bring Russia's economy to its knees. But Russia's economy is predicted to grow over 3% this year, according to the International Monetary Fund – that's more than the U.S. and Europe. Russian President Vladimir Putin has also turbo-charged spending to fuel the war machine, Singh, the deputy national security adviser for international economics at the White House, said. His plan has come with a cost of sky-high inflation around 9% and interest rates of nearly 19%. "I don't think anybody should mistake Russia's rebound with resilience," Singh said. "On the surface, Russia's economy may appear to be a fortress, but underneath the foundations are fragile." Breaking down the Russia sanctions After Russia invaded Ukraine, 45 countries directed more than 5,000 sanctions at Russian officials, institutions and companies, targeting everything from diamonds and semiconductors to Putin himself. Putin called it an "
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