Russian Economy Contracts Sharply as War and Sanctions Take Hold

Posted on AllSides August 12th, 2022
From The Left
Yuri Kochetkov/EPA, via Shutterstock

The Russian economy contracted steeply in the second quarter as the country felt the brunt of the economic consequences of its war in Ukraine, in what experts believe to be the start of a yearslong downturn.

The economy shrank 4 percent from April through June compared with a year earlier, the Russian statistics agency said on Friday. It is the first quarterly gross domestic product report to fully capture the change in the economy since the invasion of Ukraine in February. It was a sharp reversal from the first quarter,...

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