Russia is on the verge of a recession, its economy minister said on Thursday, the first public admission that the country’s war economy is starting to cool three years after President Vladimir Putin ordered the full-scale invasion of Ukraine.
Maxim Reshetnikov said at the president’s flagship economic conference in St Petersburg that “the numbers show [the economy] is cooling off”.
“But all our numbers are a rear-view mirror. Judging by business sentiment at the moment, we’re basically already on the brink of falling into a recession,” the minister said, according to Interfax.
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