Russian Economy to Shrink by 18% by 2023

Global banking experts believe Russia's economy will shrink 15% by the end of the year – and a further 3% in 2023 – due to Western sanctions, a mass exodus of companies and a collapse in exports.

The figures could be even worse if Europe fully weans itself off Russian energy, the Institute of International Finance (IIF) warned.

In a report about the effects of war on Russia's finances, the IFF said measures imposed on Moscow by the UK, EU and US would only expand and tighten in the coming months.

Source: BBC.