Russian economy is in ruins as imports and domestic production keeps falling

Posted on August 22, 2022   |  

• The Russian economy has been damaged due to sanctions, shutting domestic production due to which foreign companies left Russia which accounted for 40% of the country's GDP.
• Russia's car industry fell by 61.5% while lumber production fell by 80%.
• Oil production dropped by 10% as some Western importers shun Russian energy shipments, steel magnate Mordashov, steel production declined by 25-30% due to sanctions, while lumber production is down 80%.