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The Facts
Despite sanctions imposed by Western nations in response to the war in Ukraine, Russian banks have reportedly rebounded by conducting internal business with the state, buoyed by the country’s growing defense budget and record corporate account surplus.
Following the start of the war, Russia's banking sector initially saw a combined 1.5T ruble ($20B) first-half loss in 2022 but reportedly rebounded to a 203B ruble profit for the year.
The Spin
Pro-Russia narrative
Despite the entire Western world seeking to destroy Moscow and its economy, it stood strong and weathered the economic war. Western countries underestimated the strength of Russia, which is a fast-adapting nation that will not only endure but will also continue to innovate.
Anti-Russia narrative
While its economy may have fared better than some estimates, Russia still faced a loss due to its war in Ukraine, which has been a complete disaster on a multitude of fronts. Since the war, Russia has become an economic afterthought, seeing over 1k global companies leave in addition to crippling oil sanctions that sunk its energy revenues. Despite claims to the contrary, Putin did irreparable damage to Russia’s economy.
