The Bank of Russia believes that the imposed sanctions and restrictions on the export of Russian goods and imports will remain until 2024, the regulator said in a report on monetary policy on Wednesday.
"The Bank of Russia assumes that the already imposed sanctions and restrictions on the export of Russian goods and imports to Russia (including decisions taken by individual companies) will remain throughout the forecast horizon. The general uncertainty and restrictions on Russian exports are likely to affect global commodity markets and keep prices high," the regulator says.
However, as noted by the Bank of Russia, the main Russian exports will be sold at a discount, which will have a restraining effect on the value of exports of goods.
The regulator also notes that by mid-2023, the Russian economy will pass most of the way to adjust to sanctions. By this time new sales markets will be formed and there will be groundwork for localizing production, the Bank of Russia on monetary policy.
"According to the Bank of Russia, the economy will go through most of the adaptation path by mid-2023 - new economic ties and sales markets will be formed, there will be groundwork for the localization of production," the report says.