Russian Corporate Profits Jump 25% as Sanctions Hit Muted
- Net income gain came despite economic contraction, inflation
- Data are latest sign of economy’s resilience amid sanctions
Moscow's International Business Center.
Source: Bloomberg
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Russian corporate profits jumped 25% in the second quarter, even as sweeping US and European sanctions imposed over the Kremlin’s invasion of Ukraine pushed the economy into recession.
Profits jumped to 9.5 trillion rubles ($144 billion at the average rate for the period), with the year-on-year increase outpacing the 17% rise in consumer prices over the period, according to Sberbank CIB calculations based on data from the Federal Statistics Service.