On February 24, 2022, Russia invaded Ukraine. Many of the world’s major powers and corporations announced tough economic sanctions against Vladimir Putin’s country. Three years on, what has been the impact of these measures as the conflict continues ?
While many saw the Russian economy collapsing rapidly in the wake of sanctions imposed by Europe and the United States in response to Russia’s attack on Ukraine in early 2022, this is not the case. For the past three years, according to IMF figures, the Russian economy has continued to grow, recording an increase of 3.6% in 2023, and a forecast of 3.2% in 2024.
And in the luxury goods sector, some brands have found it strategically necessary to re-establish themselves in the Russian market, while others, particularly in the watch and automotive sectors, are reportedly transiting through intermediate countries to continue doing business with Moscow.
A step back for Dior and Boss
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Read also > Russia extends list of luxury brands imported without authorization
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