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$2.3 Billion in Dollar and Euro Notes Reach Russia Despite Sanctions; World Bank Upgrades Russia

Aug 12, 2024, 08:00 AM

Despite sanctions imposed by the United States and the European Union, approximately $2.3 billion in dollar and euro banknotes have been shipped to Russia. The sanctions, which were enacted in March 2022 following Russia's invasion of Ukraine, aimed to restrict the flow of Western currencies into the country. However, customs data reveals that significant amounts of these currencies have continued to reach Russia, raising questions about the effectiveness of the sanctions. Additionally, the World Bank has upgraded Russia to its 'high-income' country list for the first time since 2015, suggesting that the sanctions may not be having the intended economic impact.