About $7.7 billion is the estimated loss in trade returns for Russia in one year as President Putin adopted a Dollar hate policy and exposed the Russian central Bank to underperforming currencies like Euro and Yuan.
“This is the economic cost of addressing geopolitical concerns,” said Elina Ribakova, deputy chief economist at the Institute of International Economics in Washington. “It’s hard to judge yet if it was worth it. There was a cost this year, but it’s a long-term investment.” Russia’s central bank publishes the data with a six-month lag, so more recent numbers are not yet available. The calculations are based on economists at Bloomberg.
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