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As the conflict enters its second year, Washington revealed more anti-Russia penalties, targeting dozens of companies and individuals linked to the country, and raising tariffs on Russian goods whose imports were still allowed. Meanwhile, the EU approved its tenth package of sanctions against Russia, which includes export limitations on dual-use items and technology, measures against so-called Russian disinformation, and new restrictions against individuals and entities for their alleged support of the Russian military. Western allies Britain, Switzerland, Australia, Japan and New Zealand joined the measures.
According to Kirby:
"Russia's economy is showing some resilience, however it's not clear whether this can be sustained for the long haul. Putin has had to take some drastic measures to prop up his economy, to prop up his currency, including playing pretty aggressively with interest rates, for instance."Russian statistics service Rosstat reported that GDP of the sanctions-hit nation contracted by just 2.1% in 2022, much less than the 10-15% some had predicted after sanctions hit last March. The Russian economy is actually forecast to increase by 0.3% during the current year, according to the International Monetary Fund (IMF).
Comment: It is evident that sanctions affect the world economy as much or more than its target. By disrupting the chain of supply, replacement costs increase as do prices for the consumer. Russia's prep for this turn of events mitigated financial catastrophe for itself and other countries.