The forecast by the International Monetary Fund does not appear to confirm that the sanctions imposed on Russia are working.

The International Monetary Fund (IMF) raised its 2023 economic growth forecast for Russia on Tuesday.

After the contraction of 2.1 per cent last year, the IMF now sees Russia’s economy growing by 0.7 per cent this year, up 0.4 percentage points from a previous forecast in January.

Russia’s economy is forecast to grow by 1.3 per cent in 2024, down 0.8 percentage points from the earlier forecast.