welcome
Newsweek

Newsweek

Business

Business & Economics

Russian Economy Faces Sharp Slowdown as War Rages On, Bank Warns

Newsweek
Summary
Nutrition label

84% Informative

Russia 's gross domestic product is expected to slump in 2025 and next year as the country's sanctions-hit wartime economy faces continued turbulence.

The Bank of Russia , also known as Russia 's Central Bank , issued the forecast on Friday as it announced it had left its key interest rate unchanged at 21 percent .

Western-led sanctions imposed because of Vladimir Putin's full-scale invasion of Ukraine have partially isolated Russia from the global economy but the country has managed to enjoy higher GDP growth than expected.