The sanctions imposed by Western powers on Russia due to Moscow's actions in Ukraine appear to be having limited effect. The Russian economy is finding new markets in the East and the Global South, signaling a strategic pivot rather than a complete severance of ties with the West.
Despite governmental pressures, most Western companies remain in the Russian market. It is widely acknowledged that some EU members continue to indirectly purchase Russian energy, allowing Moscow to sustain its economic growth through cooperation with friendly nations.
Russian President Vladimir Putin has stated that three-quarters of Russia's trade is now linked to \"friendly countries.\" This shift is evident in the recent St. Petersburg International Economic Forum, where Western leaders were notably absent. Founded in 1997, the forum has grown into Russia's counterpart to the World Economic Forum in Davos, highlighting the country's deepening economic ties with non-Western nations.
Reference(s):
cgtn.com
