Two years of war in Ukraine… Russia’s Bitter Boom
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“No matter where you go in Russia now, you are surrounded by Chinese people.”
A (54), who recently returned to Korea after working as an expatriate for a medium-sized Korean company in Moscow, Russia for 20 years, with Maeil Business Newspaper on the 21st and described the local atmosphere before the second. anniversary of the Ukraine War. Mr. A said, “Chinese products are coming in ‘like crazy'” and “The number of workers in Russia in big Chinese companies like Haier, Huawei, and BYD has doubled or tripled to hundreds, and traders are importing them in indirect from Kyrgyzstan, Kazakhstan, etc. to avoid Western sanctions “It boosts Russia’s daily necessities and intermediate goods market,” he said.
He said, “Daily necessities are hard to come by in the area bordering Ukraine and the constant sound of shells day and night, but other cities like Moscow and Petersburg seem to have a strong economy, apart from some inconveniences in life.” He added, “It’s hard to find high-quality European wine or cheese, and the price is “Despite tripling, Russia’s national car, LADA, is selling well because it doesn’t affect drive even though it doesn’t have air conditioning or a power steering wheel,” he said. Mr A also added, “I feel that prices have almost doubled, wages have risen by more than 30%, and the unemployment rate is so low that it’s hard to find people.” He even said, “There are festivals being held in the center of Moscow,” and “War only occasionally appears in the news.”
On the 24th, it will be two years since Russia invaded Ukraine. Although the war continued for two years under sanctions from the West, including the United States and Europe, Russia is now making progress not only on the battlefield but also in the economy.
Russia posted the largest current account surplus in 2022 (annual basis), as if to mock Western sanctions loopholes. Oil and natural gas are exported to China, India, Turkmenistan, etc. using uninsured ‘shadow fleets’. Daily necessities are easily acquired through ‘ghost trade’ using third countries. Russian President Vladimir Putin recently said in Tula, the center of Russia’s military industry, that “the Russian economy has overcome Western sanctions even after the invasion of Ukraine,” and this was not an unfounded statement. In fact, according to the International Monetary Fund, Russia’s economic growth rate this year is expected to surpass not only the United States but also the G7 (seven major countries).
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Russia, which received large-scale artillery support from North Korea based on its economic power, is stepping up its attacks on Ukraine by occupying the Audiuka battlefield on the 17th. On the other hand, Ukraine withdrew from the war despite two years of Western support, struggled to raise defense funds, and fell into a stagflation crisis economically.
The United States and the European Union have become more urgent and are preparing stronger sanctions. The US plans to announce additional sanctions on the 23rd to coincide with the second anniversary of the war, and the EU is trying to pass its 13th sanctions bill.
Byun Hyun-seop, professor of Russian and Central Asian Studies at Keimyung University, said, “Russia has armed with huge resources, and in the age of global networking, it is difficult to neutralize the Russian economy to the extent of sanctions.” “It’s a situation where we can’t unilaterally cause as much damage as we have to,” he explained.
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