Western sanctions being imposed revamped sanctions and corporate boycotts impact Russian economy oil invasion of Ukraine Ukrainian Russian Ukraine foreign exchange reserves
After over a decade of post-Soviet rapid economic growth, backed by high oil-prices and a surge in foreign exchange reserves and investment, Russia's economy was damaged following the start of the Russo-Ukrainian War and the annexation of Crimea in 2014, due to the first wave of Western sanctions being imposed. In the aftermath of the Russian invasion of Ukraine in 2022, the country has faced revamped sanctions and corporate boycotts, becoming the most sanctioned country in the world, in a move described as an "all-out economic and financial war" to isolate the Russian economy from the Western financial system. Due to the impact, the Russian government has stopped publishing a raft of economic data since April 2022. Economists suggest the sanctions will have a long-term effect over the Russian economy.
