2024-02-21 10:20:24
Two years of war in Ukraine… Russia’s Bitter Boom
Putin [사진 = 연합뉴스]
“No matter where you go in Russia now, you are surrounded by Chinese people.”
Mr. A (54), who recently returned to Korea after working as an expatriate for a mid-sized Korean company in Moscow, Russia for 20 years, spoke to the Maeil Business Newspaper on the 21st and described the local atmosphere ahead of the second anniversary of the Ukraine War. Mr. A said, “Chinese products are coming in ‘like crazy’” and “The number of employees in Russia at large Chinese companies such as Haier, Huawei, and BYD has doubled or tripled to hundreds, and traders are importing them indirectly from Kyrgyzstan, Kazakhstan, etc. to avoid Western sanctions. “It is boosting the Russian daily necessities and intermediate goods market,” he said.
He said, “It is difficult to obtain daily necessities in the area bordering Ukraine and the constant sound of shells day and night, but other cities such as Moscow and Petersburg seem to have a strong economy, aside from some inconveniences in life.” He added, “It is difficult to find high-quality European wine or cheese, and the price is “Although it has tripled, Russia’s national car, LADA, is selling well because it doesn’t affect driving even though it doesn’t have air conditioning or a power steering wheel,” he said. Mr. A also added, “I feel like prices have almost doubled, wages have risen by more than 30%, and the unemployment rate is so low that it is difficult to find people.” He even said, “There are festivals held in downtown Moscow,” and “War is something that only comes up in the news occasionally.”
On the 24th, it will be two years since Russia invaded Ukraine. Although the war has continued for two years under sanctions from the West, including the United States and Europe, Russia is now making progress not only on the battlefield but also in the economy.
Russia posted the largest current account surplus in 2022 (annual basis), as if mocking the loopholes of Western sanctions. Oil and natural gas are exported to China, India, Turkmenistan, etc. using ‘shadow fleets’ that have not been insured. Daily necessities are being easily procured through ‘ghost trade’ using third countries. Russian President Vladimir Putin recently said in Tula, the center of Russia’s military industry, that “the Russian economy overcame Western sanctions even after the invasion of Ukraine,” and this was not an unfounded statement. In fact, according to the International Monetary Fund, Russia’s economic growth rate this year is expected to surpass not only the United States but also the G7 (seven major countries).
Russia, which received large-scale artillery support from North Korea based on its economic power, is tightening the reins on its attacks on Ukraine by occupying the battleground of Audiuka on the 17th. On the other hand, Ukraine retreated from the war despite two years of Western support, struggled to raise defense funds, and fell into a stagflation crisis economically.
The United States and the European Union have become more urgent and are preparing stronger sanctions. The United States plans to announce additional sanctions on the 23rd to coincide with the second anniversary of the war, and the EU is seeking to pass its 13th sanctions bill.
Byun Hyun-seop, a professor of Russian and Central Asian Studies at Keimyung University, said, “Russia has weaponized enormous resources, and in the era of global networking, it is difficult to neutralize the Russian economy to the extent of sanctions.” “It’s a situation where we can’t unilaterally inflict as much damage as we have to,” he explained.
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