Russia Set for Steep Slump and Long Stagnation

“Russia’s invasion of Ukraine will cause their economies to contract this year by about 10% and 20%, respectively, the region’s leading development bank said Thursday in one of the most in-depth economic assessments to date of the war’s impact on the two countries,” the Wall Street Journal reports.

“The European Bank for Reconstruction and Development said the slump in Russia would likely turn into a long period of stagnation while neighboring economies would rebound next year as long as a sustainable cease-fire is secured over the coming months.”

Associated Press: Russia’s ruble rebound raises questions of sanctions’ impact.