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Russia Experiencing Impact of Sanctions


In an address to the Russian Union of Industrialists and Entrepreneurs, Vladimir Putin, the President of the Russian Federation, blamed sanctions for the 4.7 percent decline in GDP. He stated “It is evident that sanctions are now affecting a wide range of businesses forcing Russia to shift trade to ‘friendly’ nations”. Putin also noted, “These problems as you know were not created by us,” a statement that can be regarded as a high water mark in cynicism and self-denial. 


Sanctions were imposed on the Russian Federation following the unprovoked invasion of Ukraine thirteen months ago. Deliberate shelling has destroyed agricultural and industrial infrastructure. Curbs on export of Russian commodities, restrictions on strategic imports and isolation of the Russian economy should hasten peace talks and a withdrawal of Russian forces from occupied eastern states of Ukraine.  Crimea is probably lost to Ukraine but entry of the nation into the European Union and NATO are real possibilities with long-term detrimental consequences for the Russian Federation.


The invasion has created artificial shortages of commodities previously exported by Ukraine and has affected their prices ultimately to the disadvantage of livestock producers and consumers worldwide.