FAST FIVE: The Swiss Connection: How Russia Is Weathering Tough Sanctions
The Swiss Connection: How Russia Is Weathering Tough Sanctions Authored by Alex Kimani via OilPrice.com, Continued oil and gas exports as well as a propped-up ruble, have allowed Moscow to weather Western sanctions.
Three months into the most severe and coordinated sanctions by Western governments, Russia's economy is proving to be a hard nut to crack.
JPM has also backtracked on its earlier forecasts of a 35% contraction in Russian GDP in the second quarter and 7% for all of 2022, now predicting that the recession will be far less severe.
However, the rouble was not down for the count for long, and started to bounce back just weeks after its biggest crash.
However, they can also be traded freely, and Swiss companies have specialized in direct sales thanks to an abundance of capital.