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Bloomberg: Russia’s economy deals with the worst recession in three decades.

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The country’s gross domestic product is expected to shrink by 12% as a result of the Western sanctions imposed due to Russia's aggression against Ukraine, according to an internal Finance Ministry forecast obtained by Bloomberg. A potential oil embargo, a decline in Russian gas consumption by EU countries, and the mass exodus of foreign companies from the Russian market were named as the key reasons for the worst expected downturn since 1994. Natalia Lavrova, chief economist at BCS Financial Group, said the trend is likely to expand gradually, “with a lot of negative carrying over into 2023.”

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The Kyiv Independent news desk

We are the news team of the Kyiv Independent. We are here to make sure our readers get quick, essential updates about the events in Ukraine. Feel free to contact us via email with feedback and news alerts.

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