Alexander Vedyakhin, First Deputy Chairman of the Board of Directors of Sberbank, in the session titled “Breaking the Pattern: Russian Economy in the Reality of Sanctions” held at the 14th Russia-Islamic World International Economic Forum, said that the Russian economy quickly adapted to last year’s sanctions shocks.
“Last year, there was a radical transformation in foreign trade in Russia. During the year, the share of neutral states in total imports increased from 50% to 73%, and in exports from 43% to 65%. The currency structure of foreign trade agreements has also changed: during the year, the share of dollars and euros in exports fell from 87% to 48%, and in imports from 65% to 46%. The share of settlements in yuan reached 27%. “Despite sanctions, Russia ended 2022 with a record $230 billion current account surplus, or 10% of GDP,” he said.
He added that business and government managed to redirect trade flows, ensure continuity of payments and ensure macroeconomic stability.
By the end of 2023, experts from the IMF, Ministry of Economic Development and Central Bank expect Russia’s GDP growth to be in the range of 0.7-1.3% in 2024 – 1.3-2.0%. In one vote, 58% of the session’s audience agreed that these numbers correctly described the baseline scenario.
XIV International Economic Forum “Russia – Islamic World” is the main platform for economic interaction between the Russian Federation and the countries of the Islamic world. The International Economic Forum of Russia and the countries participating in the Organization of Islamic Cooperation (OIC) was held for the first time in 2009, creating a leading international platform for the discussion of cooperation and the implementation of joint projects.