Russia's success in evading a Western oil price cap is helping drive a recovery in economic growth as President Vladimir Putin prepares to run for re-election, despite the problems caused by labor shortages, inflation and high interest rates.

Russia's parliament has formally set next year's presidential election date for March 17. Putin, who on Thursday said the economy was set to grow 3.5% this year, on Friday said he would run again, a move that could keep him in power until at least 2030.

Russia's export-focused, $2.2-trillion economy has ridden the sanctions wave better than either Moscow or the West anticipated when those opposed to the February 2022 invasion of Ukraine sought to punish and isolate Putin's Russia.