Page 30 - Russia OUTLOOK 2024

long-standing ban on food imports from countries supporting the sanctions, leading to increased food prices and currency devaluation.
Furthermore, the full-scale invasion in 2022 resulted in the freezing of Russian state assets in the West, causing additional losses estimated at least at $300bn. These sanctions have raised Russia's credit risk level and hindered foreign investment, contributing to a state-led economic model characterised by "manual controls" and a decrease in the rule of law.
Economic growth forecasts
Russia's economy will grow by 2.8-3.0% in 2023, President Vladimir Putin said on November 3.
"Our GDP growth this year will amount to 2.8%, or even 3%, while the leading economies of Europe will have a minus, a small one, but still a minus. They are
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