JRL NEWSWATCH: “Russia’s economy enters recession with 4% contraction” – Financial Times
“Western sanctions after invasion of Ukraine contribute to sharpest downturn since pandemic.”
“… The contraction follows sweeping restrictions from the U.S. and Europe on Russia’s energy and financial sectors, including a block on half of the central bank’s $640bn in foreign exchange reserves. About 1,000 western companies followed suit, curtailing … Russian operations, while hundreds of thousands of people left the country after … Putin mobilised the army’s reserves in September. This is the second consecutive fall after the Russian economy fell 4.1 per cent year-on-year in the previous quarter. ….”