Russia’s economy has been isolated, its billionaires have been sanctioned and hundreds of foreign companies have either left the country or cut back on operations there.
And yet the Russian economy has emerged surprisingly resilient; its currency has bounced back and this week found a way to avoid defaulting on its foreign debt.
“All things considered, it’s holding up better than initially expected,” said Art Woo, a senior economist with the Bank of Montreal.
The Russian economy is still projected to fall into a recession later this year, Woo said. But so far, it has managed to blunt the harshest economic consequences of the Western sanctions,
