. The sanctions were unprecedented in their scope and severity for an economy of Russia’s size.
People line up to visit a newly opened restaurant in a former McDonald's outlet in Bolshaya Bronnaya Street in Moscow, Russia, Jan 25, 2023. However, Russia’s central bank was able to quickly stabilise the exchange rate, bringing it back to pre-war levels. Inflation peaked at 18 per cent in April 2022 before easing to 12 per cent by December 2022.
However, overall Russia finished 2022 with a mere 3 per cent contraction in its gross domestic product. Retail sales fell 9 per cent during the year, with local brands - along with some Chinese and Turkish companies - replacing Western companies on the domestic market.
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