Russia's Economy Takes a $170 Billion Hit from Sanctions

Written by Camilla Jessen

Feb.27 - 2024 3:23 PM CET

Photo: Dmitrii lakimov / Shutterstock.com
Photo: Dmitrii lakimov / Shutterstock.com
Despite stabilizing two years into the war, Russia's economy suffers a $170 billion blow in potential exports due to international sanctions.

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Two years into the war, Russia's economy found a way to level out, despite the challenges posed by the conflict and sanctions from other countries. The country missed out on $170 billion in potential exports due to these sanctions.

According to the Financial Times, Russia managed to stabilize its economy by dedicating nearly 10% of its GDP to war-related financial support.

This, along with the continued purchase of Russian oil and gas by some countries, helped to soften the economic blow.

The Russian government's statistics agency reported that the GDP grew by 3.6% in 2023, bouncing back from a slight downturn in 2022.

However, the sanctions still left a mark.

Russia couldn't cash in on about $170 billion in exports, feeling a significant pinch. Compared to other countries that export raw materials, Russia's growth has been sluggish, and the outlook for the future isn't looking bright, the Financial Times noted.

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