Russia’s Economy Faces Years of ‘Great’ Pain, Yellen Deputy Says

Deputy Treasury Secretary Wally Adeyemo said Russia’s economy faces years of hardship as a result of the measures taken by the US and its allies over President Vladimir Putin’s invasion of Ukraine.

While Russia has enjoyed record current-account surpluses this year thanks to earnings from exports of oil and gas, an internal report prepared for that country’s government showed it faces a deep and prolonged recession, Bloomberg reported. Adeyemo painted a similar picture from the US Treasury’s vantage point.