The introduction of extensive sanctions against a large economy with a high level of integration into world markets has become the largest sanctions experiment in history. Its results can hardly be called satisfactory in the context of the goals that were set before the sanctions. Several factors contributed to this.

The growth of lending in Russia does not stop, despite the fact that the Central Bank rate has been at an extremely high level for six months now. The pace of loan issuance is comparable to those observed at the beginning of last year, when the key rate was more than two times lower. Part of the reason for the continuation of the credit boom is that actual lending rates in most segments have not risen as much.

The imposition of extensive sanctions against a major economy with a high level of integration into global markets has become the largest sanctions experiment in history. Its results can hardly be called satisfactory in the context of the goals set for the sanctions. Several factors have contributed to this.

Lending growth in Russia remains unabated, despite the Central Bank rate having been at ultra-high levels for the past six months. The pace of lending is comparable to that observed at the beginning of last year, when the key rate was more than twice as low. The continuation of the credit boom is partly explained by the fact that the actual loan rates in most segments have risen by that much.