Siluanov said that the first economic shock from sanctions has passed

Anton Siluanov

The first shock from Western sanctions for the Russian economy has passed, Finance Minister Anton Siluanov said at the New Horizons marathon. The broadcast was conducted by the Knowledge Society on VKontakte.

“We believe that the first shock has passed, although all these packages of sanctions are still being prepared, and to hell with them,” the minister said.

Siluanov noted that the Russian economy will fall, but not as hard as it would have happened without government support. According to him, RUSSIA will continue to pursue an independent policy and will be able to withstand any new restrictions. But the country will not be able to quickly overcome technological obstacles.

The minister mentioned that against the backdrop of declining inflation, the department is waiting for a key rate cut from the Central Bank in order to lower rates on loans for businesses.

Economists presented three scenarios for the impact of sanctions on Russia's GDP Economics

The United States , the European Union and other countries have imposed unprecedented sanctions against Russia because of the military operation in Ukraine. Russian banks, defense and technology companies, businessmen were subject to restrictions, a ban was introduced on the import of high technologies from the United States.

Russia has lost access to half of its gold and foreign exchange reserves, Siluanov said in mid-March. The Central Bank lost the ability to use about $300 billion out of $640 billion in reserves.

which of the candidates and when to hire Articles Pro The ceiling is above 700 thousand rubles. per month:

Foreign rating agencies, such as Moody's and Fitch, predicted Russia's technical or selective default due to Putin's decree to pay foreign debts in rubles if the amount exceeds 10 million rubles. per month. However, the Ministry of Finance made $649.2 million in payments on Eurobonds maturing on April 4, 2022 and 2042 in dollars, not rubles, and managed to avoid a default. Clearing houses received and processed payments, BLOOMBERG wrote.

The Ministry of Economic Development included a two-year recession in the scenario Economics

On May 15, Heli Simola, Senior Economist at the Institute for Transition Economies of the Bank of Finland, who specializes in the analysis of the Russian economy, named three scenarios for the impact of sanctions on Russia's GDP. If the restrictions remain the same, the figure could be reduced by 4%. In the event of a cessation of supplies from developed countries, GDP will fall by 10%. A complete cessation of imports would result in an 18% reduction. The HEAD of the Accounts Chamber, Alexei Kudrin, also predicted a fall in GDP of more than 10% by the end of the year.

On the eve of the Ministry of Economic Development presented the scenario of economic development for 2023 and the planning period of 2024-2025 with the calculation of sanctions pressure until at least 2025. The agency expects that the country's economy will fall by 7.8 and 0.7% in 2022 and 2023 and will return to growth only in 2024.
 

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