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Analyses |
| Iwona Wiśniewska
On 30 April, the Russian government approved a draft law to revise the 2025 budget parameters. The government’s new macroeconomic projection assumes, among other things, an average annual oil export price of $56 per barrel (down from the $…
OSW Commentary |
| Iwona Wiśniewska, Filip Rudnik
Since the beginning of 2025, Russian oil exporters have faced difficulties that are negatively impacting the state’s oil and gas revenues. Sanctions, combined with a strong rouble and falling global oil prices, are increasingly…
OSW Report |
| Iwona Wiśniewska
The restrictions are having an impact, as seen in Russia’s civilian-orientated industries. However, the West – particularly the European Union, which was Moscow’s largest trading partner before the invasion – has not demonstrated…
OSW Commentary |
| Iwona Wiśniewska
The sharp increase in wartime budget spending in 2024 has helped to sustain Russia’s high economic growth rates, particularly double-digit growth in manufacturing industries serving the military. However, the number of economic challenges…
Analyses |
| Iwona Wiśniewska, Filip Rudnik
On 24 February, the European Union adopted its 16th package of sanctions against Russia, targeting the energy, financial, and metallurgical sectors. A key element of the package is the further tightening of restrictions on the sale of…
Analyses |
| Iwona Wiśniewska
On 15 January, the outgoing US administration amended the legal basis for sanctioning nearly 100 Russian entities. The new package of restrictions subjects all these companies to sanctions under Executive Order 13662 (2014), which…
Analyses |
| Iwona Wiśniewska, Filip Rudnik
On 21 November, the United States further tightened financial restrictions on Russia. This time, Gazprombank, along with its Swiss-based subsidiaries and over 50 smaller Russian banks involved in facilitating Russian foreign trade, was…
OSW Commentary |
| Iwona Wiśniewska
On 21 November, the State Duma approved, at the third reading, the draft federal budget for 2025 and the general parameters of the 2026–27 budgets. Expenditure will increase for another consecutive year, primarily due to spending on…
OSW Report |
| Iwona Wiśniewska
As a result of Russia’s aggression against Ukraine, which has been ongoing since 2014, and the ensuing Western sanctions, Russia has reoriented its foreign trade towards the East. This is a permanent shift which stems from Russia’s…
OSW Commentary |
| Iwona Wiśniewska, Maciej Kalwasiński
Since December 2023, the US administration has been increasing its pressure on Russia’s financial sector and its foreign partners. This has made it progressively more difficult for the Russian Federation to pay for imported goods and…