Bank of Finland: The Russian economy is bleeding from the war

FALLOUT: Bank of Finland says war is ‘bleeding’ the Russian economy.

The Russian economy will shrink by both four percent this year and next, the Bank of Finland said in its latest Russia forecast, published on Monday.

In a statement titled “War bleeds the Russian economy,” the central bank said (siirryt toiseen palveluun) western sanctions continue to raise both the “direct and incidental costs of war.” …

Losing 4% is nothing worse than a not-so-nasty recession, although losing access to chips and electronics could pinch more going forward.