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'''Russian sanctions''' were imposed at the outset of the '''[[NATO war in Ukraine]]'''.
'''Russian sanctions''' were imposed at the outset of the '''[[NATO war in Ukraine]]'''.
==Russian GDP growth==
==Russian GDP growth==
[[File:PPP 2023.png|right|200px|thumb|Since sanctions the Russian [[economy]] has become more self-sufficient, growing the [[planet]]s' 5th largest economy bypassing [[Germany]].]]
It is true that in nominal terms Russia's economy was only a little larger than Italy's before the beginning of Russia's [[Special Military Operation]]. Nominal GDP, however, simply uses current national currency exchange rates with the dollar to compare one nation with another. It thus fails to capture real purchasing power & [[inflation]]. Purchasing Power Parity (PPP) measurements of GDP seek to remedy this, and Russia's GDP PPP, not really needing much foreign currency, is far better even compared to Germany than it is to Italy's. Looking at GDP in PPP terms removes price level differences and allows a better comparison, especially of living standards, between countries. In these terms Russia overtook Germany in the summer of 2023 to become the fifth wealthiest economy in the world and the largest in Europe, worth $5.3 trillion.<ref>https://intellinews.com/russia-overtakes-germany-to-become-fifth-biggest-economy-in-the-world-in-gdp-on-a-ppp-basis-286944/?source=russia</ref>
It is true that in nominal terms Russia's economy was only a little larger than Italy's before the beginning of Russia's [[Special Military Operation]]. Nominal GDP, however, simply uses current national currency exchange rates with the dollar to compare one nation with another. It thus fails to capture real purchasing power & [[inflation]]. Purchasing Power Parity (PPP) measurements of GDP seek to remedy this, and Russia's GDP PPP, not really needing much foreign currency, is far better even compared to Germany than it is to Italy's. Looking at GDP in PPP terms removes price level differences and allows a better comparison, especially of living standards, between countries. In these terms Russia overtook Germany in the summer of 2023 to become the fifth wealthiest economy in the world and the largest in Europe, worth $5.3 trillion.<ref>https://intellinews.com/russia-overtakes-germany-to-become-fifth-biggest-economy-in-the-world-in-gdp-on-a-ppp-basis-286944/?source=russia</ref>