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Russia’s economic slump will wipe out 15 years of gains – IIF

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Reuters UK

LONDON (Reuters) – Russia’s economy will shrink 15% this year and 3% in 2023 as the hit from Western sanctions, an exodus of companies, a Russian ‘brain-drain’ and collapse in exports wipe out 15 years of economic gains, a global banking industry lobby group said. In its report on Russia economy’s following Moscow’s invasion of Ukraine on Feb. 24, the Institute of International Finance’s (IIF) said it did not expect a ceasefire in the war and that it was likely sanctions would be expanded and tightened in the coming months. Western sanctions following the invasion had triggered the “full disin…

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