‘There’s no path out of economic oblivion for Russia’: new report reveals how corporate exodus has already wiped out decades of post-Cold War growth
Yvonne Lau - Yesterday 2:47 PM

Over the last six months, Russia has fortified its economic defenses after western countries pummeled it with sanctions over its invasion of Ukraine.

Despite the crackdown, the Kremlin continues to rake in billions in oil and gas revenues, which helped the ruble rally to become the world’s best-performing currency this year.

But all is not well with the Russian economy.

The western sanctions and widespread corporate exodus from Russia since Feb. 24 have ravaged the Russian economy—and its future prospects look even bleaker, according to a new report from Yale University researchers and economists led by Jeffrey Sonnenfeld, Yale’s management professor and senior associate dean for leadership studies. It’s now become clear that the Kremlin’s “finances are in much, much more dire straits than conventionally understood” and that the large-scale “business retreats and sanctions are catastrophically crippling the Russian economy,” the researchers wrote.


continues at source

[link to www.msn.com (secure)]