The Russian economy is growing not thanks to, but in spite of the efforts of the economic authorities

The article analyzes the reasons for the resistance of the Russian economy to the sanctions of the collective West. According to the author, these are sanctions restrictions on transactions with currency, as a result of which the Bank of Russia lost the opportunity to maintain the exchange rate and, through currency sales, withdraw rubles from the economy, allocated by the government to finance the budget deficit. The author believes that the regulator should avoid the mistakes made in 2008-2009, when its attempts to protect the ruble exchange rate by withdrawing «extra» rubles from the economy led the country’s rapidly growing economy to a deep recession.