Russia’s economic growth suggests Western sanctions are having limited impact.

The resilience of the Russian economy is helping to fuel global growth, according to a new report from the International Monetary Fund, suggesting that efforts by Western countries to weaken Moscow over its war in Ukraine appear to be running out of steam.

In a report on Monday, the IMF predicts Russian output will expand 0.3% this year and 2.1% next year, defying earlier forecasts of a sharp contraction in 2023 amid a series of downturns. Western sanctions.

A plan coordinated by the United States and Europe to cap the price of Russian oil exports at $60 a barrel is unlikely to significantly reduce its energy revenues.

“At the current Group of 7 oil price cap level, Russian crude oil export volumes are not expected to be significantly affected as Russian trade continues to be redirected from sanctions to non-sanctioned countries,” the statement said. the IMF.