Russian President Vladimir Putin says consumer demand remains weak and expects sanctions on Russia’s economy to only intensify.
The West hit back at Moscow with punitive sanctions after Russia invaded Ukraine on February 24 in what it calls a “special military operation.”
However, the Russian economy has defied predictions by Western analysts of a 15% hit to the gross domestic product in 2022, with the Russian Economy Ministry stating a 2.9% contraction is most likely.
Western leaders will be hoping the impact of sanctions will be long-lasting and hold back the Russian economy for many years.
