Sweden's Finance Minister Identified Key Issues in Russia's Economy Due to Sanctions.
Sweden's Finance Minister Elisabeth Svantesson stated that Russia's economy has been severely impacted by the sanctions from the European Union and other countries. She noted that Russia is trying to incite a loss of faith in victory and in the Ukrainian economy.
The minister highlighted three factors indicating serious issues in the Russian economy. Specifically, the Bank of Russia decided to raise the key interest rate to 21% per annum, and the growth of Russia's GDP does not reflect qualitative changes and is situational. Additionally, there is an observed deficit in investments.
According to Svantesson, inflation in Russia is much higher than officially reported, and Russia's economy is dependent on military production. She pointed out that other types of reforms are necessary for sustainable growth of the Russian economy.
The minister urged European politicians and media not to support the narratives of Russian propaganda and emphasized the need to increase support for Ukraine from the European Union.
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