Economic sanctions weigh on Russia’s economy

Russia’s economy has begun to feel the heat of the crippling sanctions imposed by the West after Russian President Vladimir Putin gave out orders to invade Ukraine.

Russia’s manufacturing activity has dropped to its lowest rate since May 2020, when the world was battling the first wave of the COVID-19 pandemic.

Last week, the European Bank for Reconstruction and Development (EBRD), projected a 10% shrinkage in the Russian economy, resulting in the country’s deepest recession in almost 30 years.

CNBC reported that the Russian gross domestic product (GDP) would flatline in 2023 and enter a prolonged period of negligible growth.