Coming back to the West’s prophecies of Russia, all the economic isolation and dooms are playing out in the country. its recession is predicted to be short-lived in 2022. The prediction of the recession was held at negative six percent for 2022. Before, economists have predicted a negative 8.5. The value is low but is sizeable for the recession in Russia in 2022.
2022 observed the reduction of the growth levels by 2.6 percent in the European economy.
Reports stated by economists have pointed out that Russia is doing better than it is expected. But what was exactly expected from Russia?
The West has expected a terrible outcome for Russia resulting in the collapse of the system. Ever since the country invaded Ukraine, the West has been proposing sanctions. This week started with the headline that Britain targets the officials with the new wave of sanctions.
Russia’s officials have been targeted the banks have been targeted, followed by the banks, financial institutions, and trade. This implies that every element of the country has been sanctioned by the West. What’s the consequence of the steps taken by the European economy?
The Chief Economist, IMF has stated that ‘ The Russian Central Banks and the country’s policymakers have been able to stave off a banking panic or financial meltdown when the sanctions were first imposed.’The rising energy prices and their demand is moreover providing an enormous revenue to the Russian economy.
The West is suffering from the loss as Europe is struggling to bear the liabilities of the energy war. On the other hand, Germany is facing drastic impacts.
The year marked the suspension of the certification of the Nord Stream 2 pipeline. The move was taken to impact the country. The step was taken in February and now Germany is on the verge of an energy crisis. Speculations say by the end of the week, the energy supply will be reduced by 20 percent.
Moscow has remarked that the shortage is specifically due to technical reasons but deep down it is obvious that Russia is paying back Europe’s biggest economy.
The European sanctions have been a boon for the countries as 27 countries are currently facing heavy shortages of energy. 
Another case study shows the situation in the United Kingdom. On 22 February, the UK froze the assets of five of its banks. Moreover, the UK has recorded inflation at 40 years high, and the country has a 1:1 chance of recession. The IMF has stated that if the UK can overcome the recession, it would be a victory for the country. According to the findings, Uk is expected to grow by 0.5 percent by the end of 2023.
By the end of 2022, IMF is upgrading Russia’s GDP estimate by 2.5 percent.
What is the sanction imposed by Europe on Russia all about?
The EU has imposed a series of new sanctions against the latter as of February 2022. The economic sanctions aim to impose severe consequences on the country for its actions and to efficiently reduce Russian abilities to control the aggression. The sanctions consist of travel bans and asset freezes. The travel bans the names of people present on the list. Asset freezes deal with the freezing of all accounts belonging to the listed persons and entities.
EU has prevented the export of goods from Russia to the EU, which includes cutting-edge technology, transportation equipment, energy industry equipment, luxury goods, etc.
Later, in June 2022, the association adopted a new set of sanctions that prohibits the purchase, import, or transfer of crude oil and certain petroleum products from Russia to the EU.
The sanctions released by the council have backfired on many European countries unevenly. The sanction has made Italy more dependent on Russia’s crude oil. Moreover, banks have been unable to offer any credit source.
The energy vulnerability of Europe has been utilized by Russia. As a result of a shortage of gas, Canada had to circumvent its sanctions and deliver the turbine required by Gazprom to service the Nord Stream 1 so that gas flow can be continued without any delays.
The question now lies on what is the point of the sanction of forcing a country to default on its debt when creditors know well that the defaults are artificially orchestrated.
Now, when the fuel prices are soaring through the roof., the Western sanctions have neither badly affected nor isolated Russia.
Russian foreign minister Sergey Lavrov stated that he has visited countries like Africa, Congo, Egypt, and Uganda and plans to visit Ethiopia. . In Congo, he defended a war, blamed the West for rising prices and there are no barriers to Ukraine’s green exports.
Moreover, the Uganda president has shared that he saw no way to criticize the Russian war.
The main aim of the Foreign minister in visiting the countries in diversified diplomacy by looking away from the west. It can be considered geostrategic posturing.
Russia accounts for less than 1 percent of the foreign direct investment in Africa. The continent has been a large battlefield between Western Asia and China. In addition, Africa has denied being a party to Western sanctions similar to Asia. 17 African states have abstained from the U.N resolution against the Russian war. They believe that the sanctions are futile and on the other hand, Russia sees an opportunity to combat the west.
