The sanctions, he said, "degraded Russia's ability to replace more than 9,000 pieces of military equipment lost since the start of the war, forced production shutdowns at key defense facilities, and caused shortages of essential components for tanks and aircraft production.
"Russia is also running out of munitions and has lost as much as 50% of its tanks," he continued, and had to "turn to mothballed Soviet-era weapons."
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A Dutch monitoring group, Oryx, which tracks Russian equipment losses came to a similar conclusion.
He also pointed out the crash in the Russian ruble when the sanctions first hit — though it has since recovered to almost the same level as before the invasion.
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Its economy is on track to losing $190 billion in GDP by 2026, according to an economic analysis by Bloomberg.
Adeyemo argued that after a year of war, "Russia's economy looks more like Iran and Venezuela's than a member of the G20," referring to two other heavily-sanctioned nations.
Russia's energy revenues were also affected by the sanctions. The country's oil revenues in January were nearly 60% lower than in March last year, right after the invasion began, the deputy treasury secretary said, citing information from Russia's Ministry of Finance.
However, the shrinking of Russia's economy was less than some expected. It contracted by 2.1% in 2022, much less than the 10% drop some forecasters predicted a year ago, per Bloomberg.
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