Treasury Dept. Describes Sanctions' Impact on Russia's Economy
A new blog post from the Treasury Department highlights the impacts that U.S. sanctions and export controls are having on Russia’s economy, outlining how the country’s “macroeconomic performance is suffering” and its policy responses to Western sanctions are “growing increasingly…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
expensive.” The blog describes some of the issues that have contributed to Russia’s contracting economy, its difficulty in sourcing parts and components for its military, the “volatility” of its exchange rate and more. Russia has the resources to “maintain its war in the short-term,” Treasury said, but “its leaders face increasingly painful trade[-]offs that will sacrifice long-term prospects -- as underinvestment, slow productivity growth, and labor shortages will only deepen.”