How does the Russian Economy stand among all these sanctions?
.French economist says that the economy is exchange rates calculation converting Russia's GDP from rubles to dollars for comparison, which shows Russian economy as large as Spain's. But if we adjust Purchasing power Parties (PPP), a referred measure of most international institutions, from the IMF to the OECD which account for productivity and living standards, and thus per-capita welfare and resource use, then Russia's economy is actually more like Germany's size, Russia's about $4.4 trillion versus Germany's $4.6 trillion. From the size of a small, somewhat sickly European economy to the largest in Europe and one of the largest in the world. .
Sapir also encourages us to ask: "What is the share of the services sector compared to the share of the products and industry sector?" In his view, today's services sector is grossly overvalued compared with the industrial sector and commodities such as oil, gas, copper, and agricultural commodities. If we reduce the importance of services as a proportion of the global economy, Sapir says, "Russia's economy is much bigger than Germany's, maybe 5 or 6 percent of the world economy," more like Japan than Spain.
The size and importance of the Russian economy is further distorted by ignoring global trade flows, may account for 15 percent. For example, while Russia is not the world's largest oil producer, it has been the largest oil exporter, surpassing even Saudi Arabia. The same is true of many other basic products, such as wheat, the world's most important food crop, of which Russia controls about 19.5 percent of global exports, as well as nickel (20.4 percent), semi-finished iron (18.8 percent), platinum (16.6 percent) and frozen fish (11.2 percent).
This means that Russia along with a few others become the linchpin of the globalized production chain. Sanctions by NATO and US too, have not worked on Russia. By controlling oil, gas, food, and other commodities, the war of sanctions waged by the United States and its Allies in the Americas, Europe, and Asia has thus to the originators and their people.