This decline in GDP follows the one that occurred between April and June, of 4.1%, thus being the second consecutive quarterly decline.

This economic performance occurs with the Russian Federation subject to sanctions for invading and militarily attacking Ukraine.

In total, the Russian economy is subject to 12,739 sanctions, if you add up the restrictions imposed by the international community before and after the February 24 invasion of Ukraine, per the Castellum.AI portal's survey.

Moscow's leaders have assured that the economy has adapted well to the new circumstances, even though indicators show otherwise.

For the year as a whole, the Ministry forecasts an economic contraction of 2.9%, to be followed by another, in 2023, although smaller, of 0.8%.

The Russian Central Bank (BCR), in turn, revised its forecasts on October 28, anticipating a contraction in 2022 between 3.0% and 3.5%, an improvement over the ones it put forward in July, which pointed to a drop in GDP between four and six percent.

For 2023, the BCR expects a continuation of a recessionary situation, with GDP falling between one and four percent.

On Thursday, Russian President Vladimir Putin will meet with members of the government to analyze the situation of the economy. (Lusa)