Alexander Vedyakhin, First Deputy Chairman of the Board of Directors of Sberbank, explained in a session on sanctions and the economy at the 14th Russia-Islamic World International Economic Forum how Russia adjusted to last year’s external shocks. The discussion titled “Breaking the Pattern: Russian Economy in the Reality of Sanctions” highlighted a rapid shift in foreign trade and financial flows that helped cushion the impact of sanctions.
Vedyakhin noted a decisive reorientation of Russia’s import and export patterns during the year. The share of neutral countries in total imports rose from about half to nearly three quarters, while the proportion of neutral countries in exports climbed from roughly 43% to 65%. The currency makeup of foreign trade agreements also evolved: exports now relied less on dollars and euros, dropping from 87% to 48%, and imports from 65% to 46%. Settlements conducted in yuan reached a notable 27%, illustrating a diversification of payment currencies amid sanctions. He emphasized that despite these pressures, Russia finished 2022 with a record current account surplus of around $230 billion, equal to about 10% of GDP.
The speaker stressed that both business and government redirected trade flows effectively, maintained the continuity of payments, and preserved macroeconomic stability. By late 2023, estimates from the IMF, the Ministry of Economic Development, and the Central Bank pointed to a modest growth range for Russia’s GDP in 2024, spanning from 0.7% to 1.3%, with the overall forecast for 2024-2025 tightening to about 1.3% to 2.0%. In the session, a majority of attendees agreed that these projections described the baseline scenario.
The XIV International Economic Forum, titled Russia and the Islamic World, stands as a premier venue for economic dialogue between the Russian Federation and Islamic-majority nations. Initiated in 2009, the forum has grown into a central platform for exploring cooperation and practical joint projects among the Russian economy and member states of the Organization of Islamic Cooperation. The event continues to shape discussions on trade, finance, and strategic partnerships across the region and beyond.