When sanctions were enacted against Russia in February of this year, all the forecasts were of an imminent collapse in the Russian economy. A new report looks at why that hasn't happened.
, a Brussels-based economic think tank, points to a number of flaws in the sanctions regime, and several strong points in the Russian defenses.
Sanctions on Russian exports have been even less successful. Many countries have stopped buying certain goods from Russia, but the flow of key commodities continues largely unabated. And roaring inflation has only helped Russia in this area: Bruegel estimates that, rather than falling, Russia'shas risen by more than 40 percent to roughly $120 billion year-to-date because of higher prices, and is likely to stay that high through the end of the year.
. But the TLDR is that capital controls, combined with falling trading volumes and the dynamics of the current account, have all helped prop the ruble up.Reading all of this, you could be forgiven for thinking that the coalition of nations sanctioning Russia are on a fool's errand, and that Russia is simply too big to fail. Bruegel contends that this is not so, that the sanctionshurting Russia, and that rosy statistics are concealing some serious damage to the Russian economy.
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