Economist Podcasts
Block busters: how Russia flouts sanctions
Aug 27, 2024
Kerry Richmond Jones, The Economist's international economics correspondent, discusses why Russia's economy is thriving despite heavy sanctions, revealing intricate trade routes and Russia's clever evasion tactics. Tom Gardner, the Africa correspondent, shares harrowing stories from Sudan, highlighting a family's desperate escape amidst escalating violence and a looming humanitarian crisis. They also touch on Turkey's controversial legislation regarding stray dogs, exploring its societal implications and cultural significance.
23:37
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Quick takeaways
- Despite severe Western sanctions, Russia's economy remains resilient, experiencing about 4% annual growth through supply routes via third countries.
- The ongoing conflict in Sudan has resulted in a humanitarian crisis, displacing over 20% of the population and risking widespread famine.
Deep dives
Impact of Sanctions on Russia's Economy
Sanctions imposed by Western countries on Russia, aimed at curbing its military capabilities following the Ukraine invasion, have had limited effectiveness. Despite a comprehensive regime of export bans and financial restrictions, Russia's economy has shown resilience, with growth rates around 4% annually. An increasing volume of technology and military supplies is being funneled through third countries like Kazakhstan, where Russian imports of electronics surged significantly from 2021 to 2023. This circumvention illustrates not only the inefficacy of existing sanctions but also raises questions about the overall strategy for applying punitive economic measures during geopolitical conflicts.
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