Russia managed to achieve a current account surplus of $220 billion in 2022, even despite the imposition of numerous sanctions, writes The Economist.

The Russian economy is in better shape than one would expect. And Europe, stifled by sky-high energy prices, is sliding into recession. However, in 2022 Russia posted a current account surplus of $220 billion, double last year's figure, the Economist said.

According to the publication, Russia's economy has not slipped into recession because of politics and trade. At the beginning of the special operation in Ukraine, the policy of the Central Bank convinced Russians that the authorities would seriously fight against rising prices. For example, high interest rates led people to pay back money that had been withdrawn from their accounts back in the early days of the coronavirus pandemic.

The publication pointed out that many Western firms have left the Russian market, but organizations in other countries have been happy to take the vacated space. Turkey, for example, became a full-fledged intermediary for Western companies to circumvent sanctions. All this was a wake-up call for the West, as the Russian economy turned out to be in much better shape, contrary to all predictions and expectations.