It said the picture could become even worse for Russia depending on how quickly countries in Europe make good on their plan to stop consuming Russian oil and gas.
The EU agreed to stop around 90% of Russian oil imports by the end of the year, but has said that stopping natural-gas imports from Russia would take much longer. Russia is teetering on the brink of an historic debt default as it has encountered more and more difficulties in paying its foreign creditors after having been cut out of the financial system. Domestic capital controls have shored up its currency, but with demand for energy declining in many parts of the world, it's had to offer fuel at huge discounts, particularly crude oil.
The IIF report acknowledged that Russian receipts from imports actually increased after the invasion, thanks largely to rising energy prices. But its experts said Russia would feel only a short-lived benefit from that phenomenon, and that its isolation from Western markets would be far more significant and erode its economy.
BISouthAfrica Russia is self sufficient, their currency is strengthening, Oil and food prices have skyrocketed too which is good profit for them, Putin is a genius.
BISouthAfrica How many years of growth, in SA, has been wiped out by the JZ years?
BISouthAfrica It was major blunder to invade a peaceful country, most companies have left.
BISouthAfrica As soon as the word 'experts' is used, you know it's a damn lie.
BISouthAfrica Propaganda!
BISouthAfrica Not with the BRICS support
BISouthAfrica Lies and bid lies news24 stop lying please
BISouthAfrica Russia economy is becoming stronger than before, there is no lie that can n will destroy their economy.
BISouthAfrica Lies, damn lies.
BISouthAfrica lies, lies ,lies and more lies