Russian Economy Will Shrink Even With the Most Optimistic Forecasts

Russian officials have estimated that the economy will decline by the end of 2022 by 8.8 percent, according to the Defence Intelligence of Ukraine.

Under the most optimistic scenarios for Russia, oil production would decline by 9.3% and gas production by 5.5%.

Exports would also fall by 20% and gas exports by 10%.

After the sanctions were imposed, the inflow of Chinese technology to Russia dropped sharply: laptop shipments from China in March dropped by 40% compared to February; smartphone imports dropped by 2/3; imports of telecommunications network equipment dropped by 98%.

In March and April, more than 60 thousand small business bankruptcy cases were registered in Russia.