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<https://www.bloomberg.com/news/articles/2023-02-08/russia-survived-a-year-of-sanctions-by-investing-as-never-before>

Russia Survived a Year of Sanctions by Investing as Never Before
Capital spending grew after 2022 invasion but risks loom ahead
Companies had to spend to replace imports and diversify trade

Russia is seeking to spend its way out of the self-inflicted economic 
crisis that threatened to deliver the deepest recession of President 
Vladimir Putin’s more than two-decade rule.

Roaring exports of commodities funneled capital into the coffers of the 
government and companies, feeding an upswing in business investment that 
was without precedent during previous economic contractions and proved 
crucial to powering the war effort in the year since the invasion of 
Ukraine.

Le reste de l'article est payant mais peut être lu sur RT :

https://www.rt.com/business/571154-record-investment-russia-sanctions/

Record investment helped Russia survive sanctions – Bloomberg

Domestic companies have been boosting capital spending to adjust to new 
economic realities

Russia has weathered Ukraine-related Western sanctions by boosting 
investment in domestic production and new supply routes, Bloomberg 
reported on Wednesday, citing statistics and analysts.

According to the report, capital expenditure rose 6% last year, while 
many economists expected it to drop by as much as 20% shortly after the 
Ukraine conflict broke out.

The Bank of Russia said in a recent report that most Russian businesses 
either increased investment in 2022 or kept it at the same level as in 
the previous year. As a result, output shrank by merely 2%, much lower 
than economists predicted when the latest sanctions were first introduced.

The restrictions have left Russia cut off from many imports, and Russian 
companies were forced to either boost spending to replace now 
unavailable foreign equipment and software, or invest into setting up 
new routes to secure supplies from alternative markets. Four out of five 
of the most capital-intensive sectors of the Russian economy increased 
investment spending, including transportation, mining, real estate, and 
science and technology, according to the Federal Statistics Service 
(Rosstat).

One of the country’s biggest steelmakers, Severstal, shifted investment 
away from projects that were at risk of disruptions due to sanctions, 
and is currently investing in domestically produced information 
technology for the metals industry. Major banks, like Sber and VTB, are 
also investing to replace foreign software. Last month, reports emerged 
that the lenders plan to start issuing stickers containing NFC 
(Near-Field Communication) chips to replace foreign contactless payment 
services, like Apple Pay and Google Pay, which are no longer working in 
Russia.

The volume of investments in commercial real estate last year hit a 
historic high of 487.2 billion rubles ($6.8 billion), 21% higher than in 
2021, according to a study by real-estate firm NF Group.

“The volume of investments was record-breaking with a minimal share of 
foreign capital. Russian investors are becoming owners of the vast 
majority of premium properties in various segments and this trend is 
likely to continue until the outgoing companies sell all their assets,” 
the broker said.

Gas and oil producers, meanwhile, also boosted spending on either 
transport infrastructure or to fund a reorientation of exports from the 
West.

“This trend should support fixed investment in the years to come,” 
Tatiana Orlova of Oxford Economics told Bloomberg.

Many businesses also profited from government grants and programs 
supporting import substitution. According to Rosstat, state financing 
was among the biggest sources of capital expenditure, amounting to some 
17.8%.

“Difficult times will pass, while projects will remain – they are 
long-term, so we aren’t stopping anything,” Sergey Yanchukov, head of 
Mangazeya group, a diversified company whose main activities are gold 
mining, construction and development, told the news outlet. He noted 
that the company sees it “necessary to move forward” and invest for the 
future.