Impact of sanctions on Russia

The impact of a year of war has not been as dire on global trade as originally predicted. Global trade increased in 2022, writes the World Trade Organization in its analysis of the war’s impact. Russia is learning to live without imports, says the Financial Times, though some imports may be making their way into Russia through third countries, finds the European Bank for Reconstruction and Development. Russia has become much more dependent on the Chinese yuan and gold over the past year, assesses the Atlantic Council, and companies and households are borrowing and saving more in RMB, per the Wall Street Journal.

Mentioned publications

One year of war in Ukraine – World Trade Organization, February 2023
In spite of the war, global trade increased in 2022.
Russia’s wartime economy: learning to live without imports – Polina Ivanova and Max Seddon, Financial Times, December 14, 2022
How is the Russian economy adapting in the absence of imports?
The Eurasian roundabout: Trade flows into Russia through the Caucasus and Central Asia – Maxim Chupilkin, Beata Javorcik and Alexander Plekhanov, European Bank for Reconstruction and Development, February 2023
Trade through neighboring economies is helping Russia circumvent sanctions.
Russia and China have been teaming up to reduce reliance on the dollar. Here’s how it’s going. – Maia Nikoladze and Mrugank Bhusari, Atlantic Council, February 22, 2023
Russia has turned to reliance on gold and the Chinese yuan.
Russia Turns to China’s Yuan in Effort to Ditch the Dollar – Chelsey Dulaney, Evan Gershkovich and Victoria Simanovskaya, The Wall Street Journal, February 28, 2023
Russian companies are borrowing and households are storing savings in RMB.