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Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

Russian economy showing signs of resiliency - Bloomberg

  • By Al Mayadeen English
  • Source: Bloomberg
  • 7 Jul 2022 14:13
  • 1 Shares
3 Min Read

Western sanctions are failing in containing the Russian economy.

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  • Signs of resiliency shown by the Russian economy
    Signs of resiliency shown by the Russian economy

Western economic forecasters did not anticipate Russia's economy to show signs of improvement with the many sanctions imposed by EU and US. Russia has managed to prevent the collapse of its currency and continues to benefit from the surge in hydrocarbon prices.

Their intent was to “punish Russia. Assets were frozen, and companies were punished. But they failed,” said Russian President Vladimir Putin on Friday, June 17, during the Economic Forum of Saint Petersburg, once considered a symbol of openness to commercial relations with the West.

Since the beginning of the war on February 24, 2022, the US and the EU have multiplied punitive measures to isolate Russia by targeting its banking system, freezing the assets of its leaders, and its industries.

Acknowledging certain difficulties, in particular on the issue of inflation which reached a peak of 17.8% in May, Vladimir Putin asserts that the involvement of businesses and the authorities has today made it possible to "stabilize the financial situation and economy" of the country. In the West, however, many observers claim that the worst is yet to come for Moscow.

Related News

Zelensky presses EU to tighten oil price cap as sanctions talks stall

EU delays exit proposal from Russian energy amid geopolitical shifts

At the beginning of March, a week after the start of the Russian war with Ukraine, the ruble had fallen to its historic low against the dollar and the euro - a consequence of the announcement of the first Western sanctions, in particular, the freezing of the reserves of the Russian Central Bank held abroad.

In the event of a crisis, money held in foreign currencies can be used by a country to boost the value of its own currency, which the United States and Europe wanted to avoid in the case of Russia. But the Russian Central Bank managed to counter this measure by massively raising its interest rates to 20% and imposing drastic capital controls on companies as well as on its citizens.

Since then, the price of the ruble has risen sharply, to the point of reaching, on Monday June 20, its highest level for almost seven years against the dollar on the Moscow Stock Exchange (55.44 rubles for one dollar).

Another key factor explaining the rise of the rouble is the sale of hydrocarbons, which alone constitutes more than 60% of the country's exports.

Forced by sanctions to drastically reduce its import volumes, Russia continued to sell its oil and gas massively for export, which "contributed to the demand for rubles" on the international market, says economist Julien Vercueil.

“We are not at the level of stress that we had assumed for 2022,” Rosbank economist Evgeny Koshelev told sources. “We should expect better trends because both budget and monetary policies are overall stimulative.”

  • Russian oil
  • US sanctions on Russia
  • Russian economy
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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