Russia’s economy ministry expects Russian economy to contract by 2.9% in 2022
The Russian president Vladimir Putin said today during a meeting with government officials, broadcast on state television, that consumer demand remains weak and that he expects pressures on the Russian economy from sanctions will increase.
“In general, the situation here remains stable,” Putin said, adding that “at the same time, it is important to understand that the pressure of sanctions on Russia will increase.”
The West has imposed unprecedented sanctions on Moscow after its decision on February 24 to send tens of thousands of troops to Ukraine to take part in what it calls a “special military operation”.
Russia’s economy ministry now expects the economy to shrink by 2.9% in 2022.
It is recalled that the Council of the EU approved the eighth package of sanctions against Russia, as a strong response to the illegal annexation of the regions Donetsk, Luhansk, Zaporizhia and Kherson of Ukraine by Putin. Among other things, the new package introduces into EU law the basis for establishing a price ceiling related to sea ​​transportation of Russian oil for third countries and further restrictions on marine transportation of crude oil and oil products in third countries.
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