DECRYPTION – Even if oil and gas revenues are flowing, the economy, hit by the reprisals, contracted in the spring.
Six months of war, six months of Western economic reprisals against Russia. As early as February 24, US President Joe Biden had promised sanctions “devastating” .“This will impose a severe cost on the Russian economy, both immediately and in the long term”, had warned the American president. After the Russian attack, failing to send troops to support Ukraine, the West launched a “total economic and financial war” against Moscow, to use an expression of Bruno Le Maire, used in March, which was reproached to him. The United States, the European Union but also Canada, Japan and South Korea are adopting, with more or less cohesion depending on the vital interests of each, unprecedented rounds of sanctions.
From the hours preceding the Russian offensive, the ruble collapsed. It will lose 43% between February 22 and March 4. The International Monetary Fund (IMF), in its April forecasts, expects a very severe contraction in the…
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