Despite Sanctions, Russia says its Economy Grew 4.3% in 2024

Since its illegal invasion of Ukraine in 2022, Russia has become the most sanctioned nation on Earth, and yet its economy has been remarkably resilient.

In 2024, if Russian official figures are to believed, its economy outgrew those of all the G7 nations – Canada, France, Germany, Italy, Japan, the UK, and the US.

The Russian economy expanded by 4.3 per cent last year, compared with 1.1 per cent in the UK, and 2.8 per cent in the US.

This growth in Russia was led by the Kremlin’s record military spending.

The country’s oil exports, by volume, have also remained relatively stable, as supplies once destined for Europe have been diverted to China and India.

And a “shadow fleet” of tankers, whose ownership and movements could be obscured, has helped Moscow circumvent sanctions elsewhere.