Q Fifth, the Russian economy is large enough to absorb the impact of even the most severe sanctions. The central bank holds USD$630 billion ($878 billion) in foreign currency and gold reserves. The sovereign wealth fund accounts for another US$190 billion. Russia is a global strategic supplier of oil and gas. And public debt is a very modest 20 per cent of GDP. Fortified by this resilience, the Kremlin’s reaction to the threat of further and tougher sanctions is “bring it on”. It is especially confident that Russia can absorb more pain than the Europeans, some of whom remain heavily dependent on Russian energy imports. https://www.theage.com.au/world/europe/bring-it-on-six-reasons-why-sanctions-won-t-bring-putin-to-heel-20220224-p59zj7.html UQ
Q Fifth, the Russian economy is large enough to absorb the impact of even the most severe sanctions. The central bank holds USD$630 billion ($878 billion) in foreign currency and gold reserves. The sovereign wealth fund accounts for another US$190 billion. Russia is a global strategic supplier of oil and gas. And public debt is a very modest 20 per cent of GDP. Fortified by this resilience, the Kremlin’s reaction to the threat of further and tougher sanctions is “bring it on”. It is especially confident that Russia can absorb more pain than the Europeans, some of whom remain heavily dependent on Russian energy imports.
https://www.theage.com.au/world/europe/bring-it-on-six-reasons-why-sanctions-won-t-bring-putin-to-heel-20220224-p59zj7.html UQ