"Assessing Russia's Economy: Oil, War, and Sanctions"

Sanctions and boycotts from Europe, the US, and others have pushed Russia to find new trade partners, resulting in a dramatic pullback and reshuffling of its economy. Russia's energy supremacy is waning, and its trade with the euro area has cratered. The West's sanctions led to a sharp initial drop in Russia's seaborne exports of crude oil, but volumes have since recovered, reflecting Russia's ability to redirect trade. Russia has become more dependent on China and other Asian nations since the war started. The Kremlin's official economic data is suspect, and domestic economic activity provides more context to the nation's downturn.