SG• Global

Is the world's most-sanctioned nation Russia really hurting?

Some say Russia is headed towards economic disaster following its invasion of Ukraine, but the real picture is more complicated.

Russia's economy has contracted by less than expected, with its central bank now expecting GDP to shrink by 4 to 6 per cent instead of 8 to 10 per cent. PHOTO: AFP
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As Russia's invasion of Ukraine enters its seventh month, one narrative is that the world's "most sanctioned nation" is holding up well. But how true is this? The picture on the ground, it seems, is more nuanced.

Since February, the United States, European nations and other countries have slapped varying restrictions on thousands of Russian firms and individuals.

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