May 30, 2024

Russia economy stable, but Kyiv’s attacks hurt oil production

Despite Western sanctions aiming to punish Moscow over its invasion of Ukraine, Russia’s economy is growing. Russia’s GDP is expected to expand 3.2% this year, faster than any other advanced economy, according to recent International Monetary Fund projections.

But despite higher oil and gas revenues, Ukraine’s barrage of attacks on Russia’s oil facilities has led to a major drop in domestic oil production.

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