The comment by NTV anchor Ivan Trushkin came as as a Moody's Analytics economist told Newsweek sanctions 'have dragged Russia into a recession.'
"Russia is in for a sizable recession in 2022, which will continue in 2023 without a rebound as sanctions deepen their bite into the economy," Bychkova said."The effect of sanctions adopted in mid-2022 with their effective periods postponed to late 2022 and early 2023 will become more pronounced."of a"deeper contraction" of Russia's economy next year of as much as 6 percent, although other assessments put it lower.
"If Russian oil exports plummet, this will provoke inflationary pressure due to a contracting balance of trade and a weaker ruble," Bychkova said."A lot will depend on how much oil the country will be able to redirect to other markets as well as the extent to which the slump in oil exports will be offset by price."
Moody's Analytics estimated that around 4 million of Russia's 7.5 million barrels per day of oil exports will be displaced by the end of the first quarter of 2023, but almost half will be rerouted to non-Western countries. Energy exports will continue to generate a trade surplus for Russia but its economy is expected to become"much more insular", according to Bychkova.
"Even as high oil prices cushion the hit in the short term, the loss of foreign technology, financing and knowledge exchange will take a significant toll on Russia's energy market in the medium term, especially on LNG projects, which are still in their infancy."
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