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The World Bank's report released Sunday provides further details and numbers. In that report the World Bank revised its projection for Armenia's economic growth in 2022 from 5.3% to 1.2%, noting that "the impact of Russia's invasion of Ukraine on Armenia's economy is likely to be notably negative, but the scale remains undetermined."
Since Moscow’s full-scale invasion of Ukraine in 2022, Russia’s economy has surpassed expectations. But some experts say this image of resilience is a mirage crafted by the Kremlin.
The early 2014 annexation of Crimea by Russia, and the war in Donbas that started in the spring of 2014 severely damaged Ukraine's economy [38] and two of Ukraine's most industrial regions. [39] In 2013, Ukraine saw zero GDP growth. [39] Ukraine's economy shrank by 6.8% in 2014, [40] [41] and this continued with a 12% decline in GDP in 2015. [42]
The Pentagon has downplayed a Russian invasion of Ukraine, calling Russian troops along the border a regular military exercise. [259] On 10 August, Russia claimed two servicemen were killed in clashes with Ukrainian commandos, and that Ukrainian servicemen had been captured with a total of 40 kg of explosives in their possession. [260]
However, Russia’s war in Ukraine led the Baltic countries to speed up the project. The February 2025 date for the transition was a compromise. Lithuania wanted an energy exit as early as this ...
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In February 2015, Russia and Ukraine signed the Minsk II agreements, but they were never fully implemented in the years that followed. The Donbas war settled into a violent but static conflict between Ukraine and the Russian and separatist forces, with many brief ceasefires but no lasting peace and few changes in territorial control.
In the early Soviet years, there was a strong emphasis on rebuilding Ukraine's war-ravaged economy. Ukraine was a critical industrial center, especially in coal, steel, and machinery production. While some infrastructure was rebuilt, economic challenges remained due to the inefficiency of state control and the lingering effects of war.