© Tatyana Makeyeva/AFPPeople enjoy a chain swing ride during the Christmas and New Year market in front of St. Basils cathedral on Red Square in Moscow, on Dec. 30.
It is now abundantly clear that Russia has defeated the Western sanctions regime that was intended to cripple its economy and force its withdrawal from Ukraine. Instead of collapsing, the Russian economy is growing rapidly. Russia's GDP grew by an
impressive 5.5 percent in the third quarter of 2023. Final figures for the year are not yet in, but Russian GDP growth for all of 2023 should exceed 3 percent.
Ironically, the Russians are doing rather better than those who imposed sanctions on them. In 2023, the U.S. economy grew by 2.4 percent while the German economy shrank, and the
EU as a whole grew by less than 1 percent. Instead of withdrawing from Ukraine, Russia has increased the size of its invasion force from 190,000 troops in February 2022 to more than
600,000 today.
Between February 2022 and February 2023, Western countries imposed on Russia the most extensive sanctions regime seen since World War II. In all, several thousand sanctions on Russian individuals, businesses, and government institutions caused only a mild recession in 2022 which the Russians quickly turned around. How did they do it? Very simply.
The Russians have a lot of gold, grain, oil, and friends, all of which they used effectively to defeat the sanctions. Any realistic war game could have easily predicted all of this.
Comment: It's telling that the ICJ has issued an order against Russia, but it has yet to do so against Israel over its genocide in Gaza.
Insight from journalist Kit Klarenberg: