Russian Economy Tips Into Recession, 8 Months After Its Invasion of Ukraine

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Although firm energy prices had pushed up Russia’s economy for a while, the situation seems to be changing— in part, due to President Vladimir Putin’s partial mobilization order that sent many fleeing the draft. Research from the Bank of Russia showed the country’s economic activity was sluggish in September.

Russia’s central bank expects the country’s economy to shrink by 3% to 3.5% in 2022, Nabiullina said on Tuesday, according to an official transcript.