French investment firm Amundi:
Russia’s economy is growing three times faster than that of the Eurozone, indicating an apparent failure of Western sanctions against Moscow over the war in Ukraine.
According to the French investment firm Amundi, cited by British media on Thursday, Russia’s gross domestic product (GDP) will grow by 1.5 percent in 2024, while expectations for the Eurozone economy’s growth next year are a mere 0.5 percent.
The French fund manager said Russian trade imports and exports had remained virtually unaffected by the Western sanctions, while skyrocketing energy prices had left a heavy toll on the Eurozone.
Amundi said after losing access to Western markets, Russian firms had successfully reoriented most of the trade to the BRICS partners, Brazil, India, China and South Africa, as well as to Turkey and Kazakhstan.
Amundi is Europe’s largest fund manager in terms of assets. Its Chief Investment Officer Vincent Mortier said at a news conference in Paris that these countries were also now greatly benefiting from their boost in trade with Russia.
Source: Amundi, PressTV