Rysk ekonomisk politik: Varför går det så bra?

Russia's economy is at pre-war levels in nearly all sectors, as sanctions fail

2023.09.12

Sanctions or no sanctions, it is clear that Russia's economy has recovered. Trade turnover at Russian ports is approaching pre-war levels, with GDP growing by 4.9% in the second quarter of this year. In addition, the Russian automotive industry is also starting to return to 2021 levels.

Shipments from India to Russia more than doubled in July

Russian Oil Exports to India Bounced Back Strongly in September

October 3, 2023

12 Sep 2023 08:34

India pays for Russian oil in hard currency, no payments in rupees in past 18 months - ambassador

VLADIVOSTOK. Sept 12 (Interfax) - India pays for Russian oil, purchases of which it has ramped up in the past 18 months, exclusively in hard currencies, not in rupees, the country's ambassador to Russia, Pavan Kapoor said.

This needs to be mentioned since the balance of bilateral trade and national currencies are being discussed, he said at the Eastern Economic Forum (EEF) in Vladivostok.

There have been reports in Russian media claiming that huge amounts of rupees are accumulating in India due to India's purchases of Russian oil for rupees, but this is not the case, Kapoor said.

In the past 18 months in which India has purchased so much Russian oil, the country has not made a single payment for oil in rupees, they were all made in hard currencies, Kapoor said, referring to currencies such as the U.S. dollar, euro, British pound and other freely convertible currencies.

The subject of "hung up" rupees for Russian exports as a factor of influence on the Russian currency market has been actively discussed in the Russian media recently. Former Otkritie Bank head Mikhail Zadornov, for example, said that one of the key factors in the ruble's depreciation is the large amount of "hung up" rupees for Russian exports to India. But the head of state bank VTB , Andrei Kostin said only "a relatively small portion of rupees is hung up" and a substantial share of Russian trade with India is still conducted in "unfriendly" currencies.

Russian economy to grow this year: European development bank

27 September 2023

The European Bank for Reconstruction and Development on Wednesday said it expected Russia's economy to grow in 2023 thanks to rising oil prices, having forecast a contraction earlier this year.

The EBRD expects growth of 1.5 percent after predicting contraction of 1.5 percent in an estimate made in May, BSS reports quoting AFP.

Russian factory activity grows at fastest pace in over six years in Sept -PMI

03/10/2023

Activity in Russian manufacturing grew at its fastest pace in more than six years in September, a survey showed on Monday, while employment in the sector rose at its quickest rate in over two decades.

The S&P Global Purchasing Managers’ Index (PMI) for manufacturing rose to 54.5 from 52.7 in August, moving further above the 50 mark that separates expansion from contraction. It was the highest reading since January 2017.

“Stronger client demand, new product launches and successful import substitution reportedly drove the upturn,” S&P Global said in a statement.

Russia Producing 7 Times More Arms Than West

Sep 13, 2023

Russia has managed to defeat the sanctions imposed by the U.S.-led West to expand its missile program, as per the New York Times report. The report said that Russia expanded its missile production beyond pre-war levels. The report added that Russia's ammunition production is seven times more than that of the West. This as sweeping sanctions were imposed against Russia by the Western nations. However, analysts believe that Russia's wartime economy is booming.