A recession looms, but perhaps not a big one
Save time by listening to our audio articles as you multitaskThe real economy is surprisingly resilient too. True, Russian consumer prices have risen by more than 10% since the beginning of the year, as the rouble’s initial depreciation made imports more expensive and many Western companiesBut “real-time” measures of Russian economic activity are largely holding up. Total electricity consumption has fallen only a smidge.
The Russian economy is undoubtedly shrinking , but some economists’ predictions of aEven before the invasion Russia was a, limiting sanctions’ bite. But the biggest reason for the economy’s resilience relates to fossil fuels. Since the invasion Russia has exported at least $65bn-worth of fossil fuels via shipments and pipelines, suggests the Centre for Research on Energy and Clean Air, a think-tank in Finland.
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