JRL NEWSWATCH: “Russia needs economic ‘perestroika’ to end reliance on energy exports – cenbank chief” – Reuters

Oil Wells file photo, adapted from image at usda.gov

“Russia must reduce its decades-old reliance on exports of raw materials and stimulate private enterprise to avoid slipping back towards a Soviet-style technological lag with the West, … [Russian] central bank [governor Nabiullina] said …. After the West imposed the most crippling sanctions in modern history to punish … Putin for the war in Ukraine, Russia’s economy is facing its biggest contraction since the years following the 1991 fall of the Soviet Union. … Nabiullina, … one of the last economic liberals … at the top … of Russian policy-making, has been left … the job of steering the $1.8 trillion economy through … war and sanctions. …”

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