Russia's economy proved unexpectedly resilient in the face of tough Western sanctions last year, but a return to pre-conflict levels of prosperity may be far off as more government spending is directed towards the military
He also argued for sustainable domestic development and a self-sufficient economy, recalling a criticism levelled against Soviet leaders so focused on military spending they ignored people's welfare.
High oil prices would normally be helping top up the rainy-day National Wealth Fund, but with its hydrocarbon exports now subject to embargos and price caps, Russia is currently selling Chinese yuan from the NWF to cover the deficit. Reaching this year's oil and gas revenue target is looking increasingly problematic, Oleg Vyugin, a veteran economic official, wrote in a report this month, especially as prices for Russia's Urals oil blend have fallen.
Real disposable incomes shrank 1% last year, prompting Russians to save more and spend less. Retail sales fell 6.7%.
France Dernières Nouvelles, France Actualités
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