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Aug. 13, 2022, 8:43 a.m. EDT

Russian economy shrinks 4% in second quarter, the first full quarter after the invasion of Ukraine

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By Associated Press

Russia’s gross domestic product contracted 4% in the second quarter of this year, the first full quarter after Russia began its full-scale invasion of Ukraine, the state statistical service said Friday.

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Russia was hit with a wide array of sanctions by Western countries following its concerted move into Ukraine on Feb. 24, including sanctions that cut off some Russian banks from the SWIFT international transfer system, and a significant exodus of foreign companies.

The report by the Rosstat service did not analyze why GDP was lower this year than in the same quarter of 2021. But it said there was a 15.3% drop in wholesale trade and a 9.8% contraction in retail trade.

Russia had reported sizable GDP increases in the first quarter of 2022 and for the last three quarters of 2021.

From the archives (June 2022): ‘Putin was looking for the Finlandization of Europe. You’re going to get the NATO-ization of Europe’: Biden unveils planned expansion of U.S. military presence on continent

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