No economic ‘knockout’ yet from West’s sanctions on Russia

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — One month into the invasion of Ukraine, President Joe Biden declared that sanctions against Russia had rendered the ruble almost immediately “to rubble.” U.S. officials say Russia is now the most sanctioned country in the world. But as the war nears its one-year mark, it’s clear the sanctions didn’t pack the instantaneous punch that many had hoped. While Russia’s economy did shrink 2.2% in 2022, this year its economy is projected grow — and outperform the U.K.’s. A U.S. Treasury Department official says Western sanctions are just one tool and the U.S. continues to adjust its sanctions to outmaneuver Russia’s own shifts in strategy.