Russia Earns Billions in Dollars and Euros Despite Sanctions: Here’s How

Russia’s Resilience Amid Sanctions

Despite harsh sanctions imposed by the West following the invasion of Ukraine in February 2022, Russia continues to receive significant amounts of dollars and euros, as reported by Reuters.

Sanctions Circumvention

The critical resources have allowed Moscow to sustain its military operations and alleviate some of the economic pressure imposed by the West.

These sanctions, aimed at financially isolating Russia and hindering its ability to sustain the war, have been partially circumvented thanks to the support of some allied countries.

Despite the threat of secondary sanctions from the United States and their allies, these nations have continued to send foreign currency to Russia, enabling the country to maintain a vital connection to the global financial system.

Russia’s Ingenious Strategies

Despite the economic sanctions imposed by the West following the invasion of Ukraine in 2022, Russia has demonstrated a remarkable ability to adapt, managing to collect billions of dollars and euros.

One of the key strategies adopted by the Kremlin has been to exploit legal loopholes and opportunities offered by international markets to continue receiving foreign currency.

According to customs data reported by Reuters, since the spring of 2022, Russia has received dollar and euro banknotes worth a total of around $2.3 billion.

This steady flow of currency has allowed the Russian government to maintain some economic stability, avoiding a financial collapse that many analysts had predicted at the beginning of the conflict.

Allies’ Support to Russia

The continuous influx of dollars and euros to Russia would not have been possible without the support of key allies such as the United Arab Emirates and Turkey, countries that share economic and geopolitical ties with Moscow.

Despite increasing pressure from the West and threats of secondary sanctions from the US Treasury Department, the UAE and Turkey have continued to engage in commercial relations with Moscow, exploiting the ambiguities of the sanctions to enable the circulation of foreign currency.

International Dynamics

As Moscow attempts to diversify its economic partners by strengthening ties with countries like China and India, the only certainty is that as long as the flow of dollars and euros continues, Russia will be able to avert the worst, at least in the short term, maintaining sufficient liquidity to support its economic and military operations.