As the war in Ukraine reaches its 900th day, Russian oligarch Oleg Deripaska, a close ally of Vladimir Putin, has revealed that Russia's ability to sustain its economy despite severe Western sanctions has largely been due to its robust trade relationships with Asian countries, particularly China and India, according to Ziare.
A Lifeline for Russia
Following the onset of the invasion, the West swiftly imposed multiple sanctions aimed at crippling Russia's war efforts. However, Deripaska claims that the trade with Asia served as a "lifeline" for Russia.
This lifeline is enabling the country to secure the hundreds of billions needed to continue the conflict. According to a U.S. Department of Defense estimate, Russia has spent $211 billion in the first two years of the war.
Trade between Russia and Asian countries has surged since the invasion, with India's imports from Russia skyrocketing by 368% in the year ending in March 2023.e,
Expecting Growth
Similarly, China has increased its exports to Russia by 50% while boosting its imports from the country by 12%. This trade has been crucial in offsetting the impact of sanctions from Western nations, including the G7 and their allies.
Deripaska, himself under sanctions, has noted that these new trade ties, along with Russia's resilient private sector, have kept the economy afloat.
Despite the ongoing war, Russia's economy is expected to grow by 3.2% this year, according to the International Monetary Fund, outpacing the average of advanced economies.
Deripaska, while critical of the war, has called for an immediate and unconditional ceasefire in Ukrain
