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Russia's economy is experiencing its worst recession since 1994 as pressure from Western sanctions intensifies, Bloomberg reported.

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The country's gross domestic product is likely to shrink by 12% this year, more than the 8% drop expected by Russia's economy ministry.

According to the Ministry of Internal Affairs, Russia is facing the deepest economic recession in almost three decades due to sanctions.

The main negatives are the oil embargo, the EU's refusal of Russian gas, and more foreign companies leaving the country, a Russian economist said.

All this will probably gradually expand and many negatives will be transferred in 2023.

Experts: Food prices will remain high for a long time

Even without the current sanctions, the Russian economy is expected to shrink by 10.8% in 2022 and by about 5% in 2023.

If the forecast of the Ministry of Finance turns out to be accurate, it will erase nearly a decade of economic growth.

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