The war in Ukraine has likely sent Russia's economy back to 2018 — but it's still a small contraction than experts expected
Although Russia's economy was under stress in the second quarter, the contraction was far less than expected. Analysts Bloomberg polled from March to July had expected the country's economy to contract around 9% to 10%.
Despite sweeping sanctions, Russia's economy has held up better than expected — although a report from last month accused the Kremlin of cherry-picking data to present a favorable view of the country's outlook.has moved to cushion the impact of the trade restrictions with programs that prop up the ruble and preserve jobs, analysts told Insider in June.
"We expect the contraction to slow into the fourth quarter with looser monetary policy supporting demand," said Isakov. TheRussia's economic resilience so far is also due to its energy exports holding up thanks to a global supply squeeze that is boosting prices. Thesaid in a report on Thursday Russia is still producing far more oil than expected this year. In fact, Russia was producing more oil in July than in May and June, the IEA said.
The Kremlin is moving to find alternative markets for its energy products as its traditional buyers in the
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