Russia's economy in 4 charts: How war, sanctions, and shifting oil flows have reshaped a world power
Since Vladimir Putin launched his invasion of Ukraine in February 2022, Western nations have sanctioned the Russian financial system, clamped down on energy flows, and voluntarily boycotted trade with the country.
"The announcement in June of an upcoming EU embargo and 'self-sanctioning' behaviour by European customers led to Russia's seaborne crude oil exports to the EU falling by almost 70% between February and November 2022," ECB economists wrote in a recentEuropean Central Bank, ECB Economic Bulletin "In total, Russia's export volumes of seaborne crude oil have, on average, remained practically unchanged since the implementation of crude oil sanctions when compared with the export volumes in November 2022," ECB economists wrote.
Finally, Russia's war with Ukraine has made the Kremlin's official economic data suspect, according to analysts. ECB economist Adrian Schmith and policy economist Hanna Sakhno wrote in a February report for thethat domestic economic activity provides more context to the nation's downturn.
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