Higher oil prices are making Russia richer — but not helping its economy grow, Goldman says

Rising oil prices are boosting the Kremlin's finances under Russian President Vladimir Putin, but economic growth remains sluggish. Getty Images Soaring oil prices are making Russia richer, even under Western sanctions. High crude prices are boosting Russia's exports, government revenue, and cash inflows. However, labor shortages and weak productivity are keeping growth stuck below 1%. Sanctions-hit Russia is raking in more money from high oil prices, but that doesn't mean its economy is ab...