Pedestrians in Moscow, Russia, April 2022
Maxim Shemetov / Reuters

After Russia’s invasion of Ukraine in February, the Russian economy seemed destined for a nosedive. International sanctions threatened to strangle the economy, leading to a plunge in the value of the ruble and Russian financial markets. Everyday Russians appeared poised for privation.

More than eight months into the war, this scenario has not come to pass. Indeed, some data suggest that the opposite is true, and the Russian economy is doing fine. The ruble has strengthened against the dollar, and although Russian GDP has shrunk, the contraction may well be limited to less than three percent in 2022.

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