Russia's economy has entered a recession

Federal State Statistics Service of Russia (Rosstat) announced the gross domestic product data for the third quarter of this year.

Accordingly, the Russian economy, which shrank by 4.1% in the second quarter of this year compared to the same period of the previous year, shrank by 4% in the third quarter. Thus, the Russian economy contracted for two consecutive quarters and entered a recession.

The Ministry of Economic Development of the Russian Federation estimates that the country's economy will shrink by 2.9% this year, while the Central Bank of the Russian Federation expects the economy to shrink between 3 and 3.5%.

Western countries impose extensive sanctions on Russia, especially in the energy and financial sector, due to the war in Ukraine.