. Russian economy shrinks 4% in second quarter as sanctions weigh « JO LEE MAGAZINE

Reuters – Russia’s economy shrank 4.0% year-on-year in the second quarter of 2022, the first full quarter of what Russia calls a “special military operation” in Ukraine, preliminary data from the federal statistics service Rosstat showed on Friday.

The economy is plunging into recession after Moscow sent its armed forces into Ukraine on Feb. 24, triggering sweeping Western restrictions on its energy and financial sectors, including a freeze of Russian reserves held abroad, leading scores of Western companies to quit the market.

Read more at Reuters.





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