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Economics

Two Weeks Into War, Russia’s Economy Has Rarely Fared Worse Than Now

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Have Sanctions Against Russia Ever Worked?
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Two weeks into Russia’s invasion of Ukraine, the war has inflicted a domestic toll that’s already comparable to the worst downturns of President Vladimir Putin’s more than two decades in power.

Tripped up by international sanctions, an economy that was on track to expand for a second year swung into reverse in a matter of days. In one of the first assessments of the damage already done, Bloomberg Economics’ nowcast suggests output has fallen about 2% -- a drop that rivals the full-year contraction during the pandemic in 2020.