Russia Regains “High Income” status Despite Western Sanctions
The World Bank says Russia is a High-Income country once again. This comes despite thousands of sanctions that the West has imposed on Russia since 2014. Moscow has decided to look to the Global South for its economic needs, and this strategy seems to have borne fruit.
Between February 22, 2022, and January 11, 2024, territories and organizations worldwide imposed over 16,000 restrictions on individuals from Russia. Additionally, roughly 9,300 list-based sanctions were placed on entities during that period. Since Russia’s invasion of Ukraine in February 2022, the US, UK, EU, and other countries have imposed more than 16,500 sanctions on Russia. Overall, as of February 12th, 2024, Russia has had 19,282 sanctions levied against it since 2014, with the majority of those coming into effect after Vladimir Putin’s invasion of Ukraine. These sanctions include measures such as asset freezes, travel bans, and restrictions on trade and financial transactions.
h/t monicka