Two years after its full-scale invasion of Ukraine , Russia is still facing an unprecedented number of economic sanctions. It has been excluded from major global financial services, and around €260 billion (£222 billion) of its central bank assets have been frozen. Russia n airspace is closed to most western planes, and western ports are closed to Russia n vessels.
A formal cap has been imposed on buying or processing Russian oil sold for more than US$60 per barrel (world prices currently fluctuate between $80 and $100. And in theory, it is illegal to sell Russia anything that could be used by the military. Sanctions have had some effects. According to the IMF, Russia’s GDP is around 7% lower than the pre-war forecast. Despite all of this, Russia’s economy has not collapsed. But it does look very different, and is now entirely focused on a long war in Ukraine – which is actually driving economic growth. In fact, the IMF expects Russia to experience GDP growth of 2.6% this year. That’s significantly more than the UK (0.6%) and the EU (0.9%
Source: Financial Digest (financialdigest.net)
Russia Economy Sanctions Ukraine GDP Growth
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vape Shops to Continue Operating in Sydney Despite CrackdownVape shops in Sydney will continue to operate despite government crackdown on e-cigarette sales. The state government supports federal laws to shut down vape shops, but the vaping industry is fighting against a ban on retail sales. City of Sydney councillor expresses concern over the availability of illegal vapes in the city.
Source: smh - 🏆 6. / 80 Read more »
Cancer Survivor Finds Joy in Golf Despite Rare Mesothelioma DiagnosisKevin Packham, a 63-year-old cancer survivor, shares his experience of living with peritoneal mesothelioma, a rare form of cancer caused by asbestos exposure. Despite undergoing radical surgery and losing some organs, Packham continues to find joy in playing golf.
Source: SBSNews - 🏆 3. / 89 Read more »
Penny Wong warns conflict in the Indian Ocean would be devastating for world economyIt might be lower profile, but a major conflict in the Indian Ocean would have a devastating effect on the world economy, says Penny Wong.
Source: FinancialReview - 🏆 2. / 90 Read more »
‘Shambles’: Convicted criminals remain ‘on the loose’ despite new detainee laws‘Shambles’: Convicted criminals remain ‘on the loose’ despite new detainee laws
Source: SkyNewsAust - 🏆 7. / 78 Read more »
ANZ's Suncorp takeover to go ahead despite ACCC rebuffThe Australian Competition Tribunal on Tuesday set aside an August decision by the competition watchdog declining to authorise the acquisition.
Source: 9NewsSyd - 🏆 23. / 51 Read more »
Presidential Elections in Russia and Putin's Expected VictoryPresidential elections will be held in Russia in March, and it is expected that the incumbent president, Vladimir Putin, will win. This would mark his continued reign in power since 2000, potentially surpassing the tenure of any Russian or Soviet leader since Tsar Peter the Great. The absence of viable opposition candidates is notable, with only the leader of the Communist party, Nikolai Kharitonov, likely to gather significant votes. Some potential candidates opposing Putin have been denied permission to run, including peace activist Yekaterina Duntsova.
Source: _TCglobal - 🏆 4. / 83 Read more »