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15.11 - 15:27
Russia to Suffer Worst Slowdown of Any Major Economy
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Russia is set for the deepest recession of any large economy this year, according to new forecasts from its central bank—and economists forecast a gloomy future as the windfall from high energy prices fades, sanctions tighten and the country struggles to replace Europe as the main buyer of its oil and gas.
The Russian economy is suffering from the impact of sanctions and the withdrawal of Western businesses in the wake of the invasion of Ukraine in February. While Russia has benefited from soaring energy prices this year, economists expect revenue to fall sharply as the global economy slows and the West finds substitutes for Russian energy.
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