Russia’s Wartime Economy to Grow Despite Pain of Sanctions: Report

News Snapshot:

Russia's sanctions-hit economy rebounded more strongly than expected in 2023 and will grow this year, driven by spending on Vladimir Putin's war effort of Ukraine and exports to China, according to analysis by financial services firm Allianz. However, the assessment released Monday said foreign investment has dried up in Russia and that its military spending was hiding the underperformance of the rest of the economy. Sanctions imposed on Russia after Putin's full-scale invasion two years ago aimed to isolate the country from the global financial system and deprive it funds to wage its war. While the measures, which included freezing...