The West is increasingly concerned about the Russian economy, as sanctions are increasingly imposed on its leaders, a new study suggests.
Russia’s economic problems are also worsening in other ways, with the country’s economy expanding at a faster rate than in the United States.
“Russia is now the world’s second-largest economy after China, but its economic growth rate has been stagnant for more than a decade, and its economy is contracting at an alarming rate,” said the study by the US Institute of International Affairs.
Russia is now in the grip of a crisis that has been exacerbated by the economic and political upheaval in the country since Donald Trump won the US presidency in November.
It is also facing a severe and prolonged economic crisis caused by the collapse of the ruble following the November 9 presidential election.
It has been in a state of economic emergency since late 2015, when the rubles fell sharply, hurting the Russian people’s purchasing power.
The currency collapsed to less than 50 per cent of its value by mid-2018.
It was down to less, less, below 50, and is now hovering around 70.
The economic crisis has been a major factor in the resignation of President Vladimir Putin, who is now stepping down.
In January 2017, the Russian parliament approved the countrys own plan to suspend Russia’s bilateral trade with the European Union and cut ties with the United Nations.
This followed a series of sanctions imposed on Russian officials by the West.
In July 2018, the US and Europe imposed sanctions on Russia for the annexation of Crimea, the use of sarin gas against civilians in eastern Ukraine, and for allegedly meddling in the US presidential election in November last year.
Russia has also been subject to punitive measures by the European Commission, the European Central Bank and the International Monetary Fund.
US President Donald Trump’s administration has also begun to ramp up its economic sanctions against Russia, with sanctions imposed last year against the Kremlin for alleged violations of the 2015 Magnitsky Act and sanctions imposed against Russian officials for allegedly supporting the Islamic State group.
Russia also imposed sanctions last year on US oil companies, including ExxonMobil and Chevron, for allegedly violating the Magnitskiy Act.
US and EU sanctions The US and European Union imposed sanctions against the Russian government in 2016 over its alleged involvement in the 2016 annexation of the Crimean peninsula, which the US said was part of an effort to destabilise Ukraine.
Russia retaliated by banning the US, EU and EU member countries from conducting business with Russia, including by freezing their trade with Russia.
These actions have since been largely scaled back, but the sanctions have not been lifted.
In October 2018, Russia launched a massive military operation to break the back of the separatists in eastern and southern Ukraine.
The US responded by imposing sanctions on the country over its annexation of a Crimea peninsula that Russia seized in March 2014, which led to the annexation by Russia of Ukraine’s breakaway regions of Crimea and Donetsk and the surrounding area.
In response, Russia imposed sanctions of its own against US and NATO officials, companies and institutions.
The sanctions were initially aimed at stopping the flow of oil from Russia to the US.
The EU also imposed restrictions on its financial sector, which includes the financial sector of Russia’s largest banks.
“The US and the EU have imposed a series the most severe sanctions on Russian citizens and entities, and the consequences of these actions are clear to all: the economic pain and financial devastation they are inflicting on the Russian society,” said Daniele Carvalho, the executive director of the Washington Institute for Near East Policy.
“In addition, they have imposed on the Russians economic and social impact on the broader global economy.”
The US has also imposed trade sanctions on countries in the Middle East and Africa.
US sanctions have also been used to isolate the Russian Federation from the international community, particularly in the fight against the Islamic state group (IS) group, which has been backed by Moscow.
“There has been an erosion of trust between Russia and the West, and this is reflected in the sanctions imposed by the EU and the US,” Carvalhosa said.
The latest US sanctions on November 30 are also aimed at Russia’s use of chemical weapons against the civilian population of Syria, a country which has experienced an outbreak of chemical attacks by the Russian-backed Syrian government since 2015.
“As a result, the Russians are now suffering from a chemical attack in the middle of a conflict,” CarVALhosa explained.
The effects of US and UK sanctions Russia has already been hit by a series on the economy in 2017.
The financial markets and many parts of the economy suffered from the financial crisis of the past year.
The Russian government also suffered in 2017 due to the economic crisis in Ukraine and the subsequent economic recession.
Russian exports fell by 15 per cent in the first quarter of 2018, according to the Russian customs service, which is part of the state-owned Rosneft oil company.
The fall was partly due to falling oil prices, but also due to weaker growth.
Russia lost 5.2