Spiegel: Russia can withstand Western pressure for years

15.07.2023, Berlin.

The Russian economy can withstand the West’s economic pressure for years, the German magazine Der Spiegel wrote on July 15.

The publication emphasizes that the imposed sanctions have failed to crush the Russian economy. It is resiliently resisting the imposed restrictions and can continue doing this for many more years.

Der Spiegel cites the opinion of experts who noted that the growth of the euro exchange rate to 100 rubles will cause the collapse of the Russian economy. But contrary to their expectations, the Russian economy has not fallen into recession.

In 2022, the ruble exchange rate was on the rise, and the trade surplus in Russia amounted to more than $291 billion. The intervention of the  Russian Central Bank and the Ministry of Finance, which were able to find solutions to protect against the increasing number of sanctions, played its role.

At the same time, the Russian Central Bank head Elvira Nabiullina emphasized that for the monetary authorities, any exchange rate remains acceptable.

The magazine noted that even the level of the budget deficit of 3-4% Russia will be able to keep for years. This is possible because of the sustainable development of the economy.

Source: Rossa Primavera News Agency