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Russia's Putin invites league of Arab states, secretary general to take part in 1st Russian-Arab summit in October: Kremlin
Pezeshkian: The Zionist entity has killed more than 60,000 people in Gaza, is preventing water, food, and medicine from reaching the people, and yet it speaks of human dignity
Iranian President Masoud Pezeshkian: The United States and the Zionist entity are sending contradictory messages to the world in the name of peace
Pezeshkian: Trump talks about peace on the one hand, while threatening war on the other, and he talks about human rights, yet he supports an entity that has killed 60,000 people in Gaza
Iranian President Masoud Pezeshkian: We will not give up our rights under threat, and we will not relinquish the achievements we have made on various levels
Al Mayadeen's correspondent in southern Lebanon: An Israeli drone targeted a vehicle on the Abu al-Aswad road in the Tyre area
Russian Defense Ministry website: The condition for an immediate ceasefire is the withdrawal of Ukrainian forces from all five regions claimed by Russia
Russian Defense Ministry website: One of the conditions stipulates that Ukraine should accept Russia's constitutional demands in Donetsk, Lugansk, Kherson, Zaporizhzhia, and Crimea
Russian Defense Ministry website: Ukraine must adopt European standards on minority rights and end nationalist propaganda
Russian Defense Ministry website: The Russian conditions include a mutual waiver of any claims for compensation for war losses

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.

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EU delays exit proposal from Russian energy amid geopolitical shifts

EU split over Russian gas comeback in war talks: FT

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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