The World Bank has upgraded Russia from an “upper-middle-income” to a “high-income” country with per-capita gross national income (GNI) totaling $14,250 in 2023. “Economic activity in Russia was influenced by a large increase in military-related activity in 2023,” the international financial institution said Monday. Russia’s move up the ranks was also boosted by growth in trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%), according to the U.S.-based institution. “These factors led to increases in both real (3.6%) and nominal (10.9%) GDP, and Russia’s Atlas GNI per capita grew by 11.2%,” it said.
BRICS really limits the amount of impact a western sanction has. US/Europe isn’t the only game in town by a long shot.
(not trying to get into a debate about the merits of such, just talking factually)