"It's a deep economy. It was one of the largest ten [economies]... So, they will be able to sustain themselves for quite a while. We don't see a collapse," O’Brien said during his confirmation hearing at the US Senate Foreign Relations Committee.
On Tuesday, the International Monetary Fund revised upward its forecast for the Russian economy in 2023 by 0.8 percentage points to 1.5% after data pointing to a stronger economic performance in the first half of the year.
After the start of the Russian special operation in Ukraine, the West increased sanctions pressure on Russia. Consequently, the disruption of logistics chains has led to an increase in fuel and food prices in Europe.