The Russian economy started the year 2023 being at the stage of a rapid recovery and structural transformation. Consumer activity was rebounding, returning to the pre-crisis level, while domestic demand was fuelled by higher budget expenditures and a faster expansion of credit. Manufacturing was demonstrating significant growth rates. Businesses were increasingly shifting exports and imports to friendly countries, rearranging their supply chains. Russian companies were seeking to fill the niches that had become vacant after foreign businesses’ exit from the Russian market. There was a growing number of signs evidencing that the economy had weathered the shock of the 2022 sanctions. This was supported by accommodative monetary policy.