: Russia’s economy to shrink 15% amid ongoing war with Ukraine #IndiaNEWS #International Washington: Hard hit by sanctions since the Feb. 24 invasion of Ukraine, Russias economy will shrink by 15%

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Russia’s economy to shrink 15% amid ongoing war with Ukraine #IndiaNEWS #International
Washington: Hard hit by sanctions since the Feb. 24 invasion of Ukraine, Russias economy will shrink by 15% this year and another 3% in 2023, wiping out 15 years of economic gains, according to the Institute of International Finance, a global banking trade group.
The resilience of the ruble — Russias currency — has partially shielded its economy from the full impact of sanctions. Propping up the ruble are strong oil and natural gas sales and the Russian central bank, which has raised interest rates and imposed capital controls to keep money from fleeing the country.
President Vladimir Putin said this week that unemployment and inflation are decreasing, backing up his frequent claims that Russia is succeeding despite Western sanctions.
Still, the finance institute argued that the sanctions, partly by encouraging foreign companies to abandon Russia, “are unraveling its economy, wiping out more than a decade of economic growth, and some of the most meaningful consequences have yet to be felt.
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KEY DEVELOPMENTS IN THE RUSSIA-UKRAINE WAR:
— AP Exclusive: Ukraine recovers bodies from steel-plant siege
— Ukraines leader says Russia is trying to capture a key southeastern city
— US general says US, allies will keep sending significant aid to Ukraine
— UN: Climate shocks and Ukraine war fuel multiple global food crises
OTHER DEVELOPMENTS:
KYIV, Ukraine — The head of the Ukrainian grain traders group has dismissed Turkeys effort to negotiate a deal with Russia to allow Ukrainian grain exports to resume, saying Ankara lacks the power to act as a guarantor.
Ukrainian Grain Union head Serhiy Ivashchenko said Wednesday that “Turkey doesnt have enough power in the Black Sea to guarantee security of cargo and Ukrainian ports. �
The blunt comment followed talks between Turkey and Russia at which they discussed creating a safe maritime corridor in the Black Sea for Ukraine to export grain amid an escalating world food crisis. Russia says the Ukrainian ports must be demined to allow safe shipping and insists on its right to check incoming ships to make sure they dont bring weapons into Ukraine.
Ivashchenko said Ukraine would prefer if NATO ships entered the Black Sea and served as guarantors. He also said it was the Russians who have planted sea mines in the area, and it would take three to four months to remove them.
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BRATISLAVA, Slovakia — Slovakias government has approved a long-term Defense Ministry plan to modernize and significantly increase the number of troops in its armed forces following Russias invasion of neighboring Ukraine.
According to the plan announced Wednesday, the NATO member with a population of 5.

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