The loss of Western technology could have the biggest impact on the Russian economy, writes Financial Times.
According to the publication, China and other countries will not be able to completely replace Western technologies and components.
The article also states that the Central Bank of Russia has managed to stabilize the ruble by imposing capital controls and raising interest rates.
The publication also emphasizes that the increase in oil sales to China, India and Turkey “helped prevent the decline in exports to the EU”.
Former US Secretary of Commerce Gina Raimondo statedExports of Chinese technology to Russia fell sharply in March after US sanctions went into effect.
According to the publication, Chinese laptop shipments to Russia in March decreased by 40% compared to February, while exports of smartphones decreased by two-thirds. Telecommunication network equipment exports fell 98%.