One Year After Russia’s Invasion of Ukraine: How the World Has Changed
It has been almost a year since the Putin regime launched its war on the Ukrainian people. While the US threatened “economic consequences like none he's ever seen”, the Russian economy has surprisingly remained resilient. In comparison, Ukraine's economic situation is less critical. According to the World Bank, International Monetary Fund, and the Organization for Economic Cooperation and Development, Russia's GDP fell between 3 and 4 percent over the past 12 months.
Although the EU has imposed sanctions against Russia, the country has been able to continue trading with countries that have not imposed sanctions. This has helped buffer the blow of the sanctions, along with timely interventions by Russia’s Central Bank, revenues from remaining energy exports, and a pivot toward new markets. In fact, the International Monetary Fund has recently said it expected the country's economy to grow by 0.3% in 2023.
Despite the sanctions, the Russians have defended their nation heroically, blunting advances on multiple fronts and solidifying international alliances. Using data from government, academic, and news sources, Stacker has created seven charts that illustrate the transformation of the world since Russia's invasion of Ukraine one year ago. With additional EU sanctions passed against Russia in February of this year, experts believe existing sanctions will finally begin to bite.
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