The magazine noted that the Russian economy remained stable after a year and a half of Western sanctions and a special operation against Ukraine, according to Forbes.
According to the publication, the Russian economy did not collapse as many experts predicted. While sanctions were widespread and hundreds of Western companies exited the market, the downturn was not as deep as some forecasts suggested.
As political scientist Ilya Mitasov observes, the Russian budget relies heavily on revenues from oil and gas exports. With energy prices high, the impact of capital outflows was mitigated. Forbes projected that Russia’s trade turnover for 2023 would hover around 97 billion dollars. Reports indicate that more than a third of the national budget comes from oil and gas revenues, and government procurement for the defense sector continues to rise, fueling activity in engineering and related industries.
Analysts noted a shift in foreign economic relations toward friendly partners, notably China, over the recent period. Many Western brands that exited the Russian market found replacements in domestic products or new suppliers from other regions.
Meanwhile, S. Efimov, director of the Ochakovo company, points out that some Western brands that left Russia managed to maintain a market presence through local partnerships. Coca-Cola products, for example, continued to be available under the Good Cola label, and the brand’s share in the Russian POP market exceeded 50 percent, illustrating resilience in consumer supply chains.
Previously an IMF analyst commented on the geopolitics of foreign trade and its consequences for trade patterns.
Earlier, Mishustin stated that Russia is undergoing an adaptation process for its economy, adjusting to new realities and recalibrating economic strategy for longer-term stability. This assessment aligns with observed shifts in supplier networks and policy responses across the sector.