Russia's economy is heading toward a fate worse than recession, pro-Kremlin economists say

Moscow's failed attempt to stamp out inflation is driving the country towards its worst-case economic scenario, according to a Russian think tank tied to the government.

On Wednesday, TsMAKP condemned Russia's tight monetary policy, warning that high interest rates will trigger an economic downturn. With inflation still running hot, that could create a nightmare outcome for Kremlin officials: stagflation.