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Bloomberg: War sets Russian economy back 4 years in a quarter

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Twelve analysts offer a median forecast of a 4.7% drop in Russia’s GDP in the second quarter, Bloomberg reported on Aug. 11. The drop would bring the economy to its 2018 indicators, but this decline is smaller than previously expected. The central bank predicts worsening in the quarters to come, with fiscal stimulus and monetary easing in recent months “blunting the impact of international sanctions.”

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"At a time when Russia continues its war of aggression against Ukraine, systematically destroying our cities, cultural heritage and national identity, granting one of the world’s most prestigious cultural platforms to a project connected to the Russian state and its networks of influence sends an extremely troubling signal," the Foreign Ministry said.

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Bloomberg: War sets Russian economy back 4 years in a quarter