Biden's efforts to wreak havoc on Russia appear to have failed miserably

Efforts by the Biden administration to destabilize Russia's economy and damage public approval of the Kremlin have failed to materialize, according to a review of multiple sources.

The United States, the European Union (EU), the United Kingdom (UK), and other Western allies have taken various measures mine public opinion in Moscow and accelerator Russia's economy after the country's invasion of Ukraine in February 2022. However, Russia's economy is recovering, despite forced isolation from the West, and Moscow appears to have retained the trust of its citizens as the war against Ukraine continues, according to a review of multiple sources.

After the invasion of Ukraine began in 2022, many Western nations introduced or inflated sanctions against Russia and its citizens, resulting in over $300 billion in Russian bank assets being frozen in from October seconds to the European Council. The Biden administration keep on to enforce its sanctions against Russia to hold it “accountable for its war of aggression,” and Congress has also approved roughly $100 billion in aid to Ukraine since the war began.

“Imagine what happens if, in fact, we unite all of Europe, and [Russian President Vladimir] Finally, Putin is brought down where he can't cause the kind of problems he's been causing,” President Joe Biden said in October on “60 Minutes”. “We have huge opportunities, huge opportunities to make it a better world.”

More than 1,000 major global companies and brands withdrew their business from Russia by 2022, and Russia's GDP had fallen by 2.1% by the end of the year. seconds at the Yale School of Management i the International Monetary Fund (IMF).

But Russia appears to be recovering from its enforced economic isolation, according to a review of sources. As part of a package of sanctions introduced in December 2022, Western nations installed a price ceiling of $60 a barrel on Russian oil exports and have sought their own imports from other countries. seconds to Reuters i Politician.

In turn, Russia has begun exporting oil and fossil fuel products in much higher volumes to places like China and India and continues to ship oil to the EU by circumventing sanctions through intermediary countries. seconds at the Center for Oriental Studies i Politician. The $60 price cap has also proven largely ineffective, Reuters reported.

“Even hostile countries point out that the so-called price cap has not worked,” Russian Energy Ministry official Vladimir Furgalsky told a roundtable discussion in Parliament on November 23. seconds to Reuters. “More than 99% of oil traded well above the $60-a-barrel ceiling.”

India and China accounted for roughly 80% of Russia's oil exports by 2023, according to the Center for Oriental Studies. Global trade between Russia and China to rise 32% in 2023, CNN Business reported.

“Russia and China, like most countries in the world, share the desire for equal and mutually beneficial cooperation to achieve universal and long-term sustainable economic progress and social well-being,” Putin said during a visit to the China in October while referring to Chinese President Xi Jinping as his “dear friend,” Reuters reported.

Domestically, Russia has focused on strengthening its economy by replacing the global brands that left the country with Russian equivalents, seconds in The Telegraph. For example, brands such as McDonald's were replaced by their Russian counterpart “Vkusno and Tochka”, Starbucks was replaced by “Stars Coffee” and IKEA was replaced by “Swed House”, a Belarusian furniture company.

Also, many brands that took their business out of Russia are still available via cross-border shipping or through online marketplaces. seconds to Reuters. The overall consumer experience in Russia remains relatively stable, although prices may be higher for some products.

Growing by more than 30% by 2022, Russia's defense industry remains a big driver of its economy, especially in the country's ongoing war with Ukraine. seconds at Bloomberg. Russia's defense spending will account for 6% of its GDP in 2024, up from 3.9% this year. (RELATED: Zelenskyy says summer counteroffensive failed to achieve goals)

In general, Russia's economy is on the rise; the IMF initially predicted in 2022 that Russia's GDP would fall by 2.5% in 2023. The IMF changed its prediction in October to a 2.2% increase in Russia's GDP by 2023. Global imports rose by about 8% in 2023, and exports remain low, according to the European Council.

Kremlin spokesman Dmitry Peskov said in November that there were initial fears that Russia's economy would collapse in 2022, but those concerns have largely subsided.

“There was a threat of collapse, we really had to mobilize all internal resources and forces to prevent this collapse,” Peskov said. said on November 20, according to Business Insider. “Thanks to the rather insightful and wise decisions of the country's leadership, thanks to the titanic work of the government, it was possible to reach a plateau, stabilize [the economic situation]and then, quite unexpectedly, enter a growth trend.”

Russian public trust in Putin and the war against Ukraine has remained consistently above 70%, seconds in the data analyzed by the Atlantic Council of the Russian survey Levada Center. Putin's Russian approval rating rose from about 71% in February 2022 to 85% in November. seconds at the Levada Center.

The validity of some of these polls is difficult to discern, as there are risks associated with anti-Kremlin protest from inside Russia, according to the Atlantic Council.

Putin has it guilty the Biden administration and its Western allies over the conflict in Ukraine and, more recently, over the Israel-Hamas war and subsequent conflict in the Middle East, according to Reuters. Russian attitudes towards the US and the EU remain negative at around 60%, seconds at the Levada Center.

The White House and Russia's foreign ministry did not immediately respond to a request for comment from the Daily Caller News Foundation.

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