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Russia is facing economic collapse under the pressure of sanctions

According to Russia's Finance Ministry, his country is facing its deepest economic decline in almost three decades as it grapples with the fallout from the invasion of Ukraine. Bloomberg estimates that Russia’s GDP could shrink by as much as 12pc this year, the biggest contraction since 1994, when Russia’s Soviet-era economy lurched towards capitalism under its first president Boris Yeltsin. It would also wipe out around a decade of economic growth.

Economic Sanctions on RussiaRiga, May 9.– Sanctions on Russia are affecting a very broad range of spheres and their impact on the Russian economy is serious, European Commission Executive Vice President Valdis Dombrovskis said in a discussion dedicated to the day for the commemoration of Ukraine's war victims.

The EU commissioner indicated that a number of Russian industries are already facing substantial problems. The European Union's (EU) sanctions on Russia involve extensive export control, preventing exports of high technologies and dual-use goods to Russia. Export control is being implemented not only by the EU but also by the US. Sizable sanctions have also been imposed on transport.

The Russian financial sector is subject to sweeping sanctions, banning any transactions with the Russian central bank. The sixth sanctions package will include a disconnection of Russia's largest and systemically most important bank ...

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