'All objective indicators show there is a very strong drop in economic activity'
“All objective indicators show there is a very strong drop in economic activity,” said Vladimir Milov, a former Russian deputy energy minister who is now a leading opposition politician in exile. “The spiral is escalating, and there is no way out of this now.”
But economists and business executives said the headline GDP figures did not reflect the real state of the Russian economy because the Russian government effectively ended the ruble’s convertibility since the sanctions were imposed.
Putin’s creation of the coordination council, headed by Prime Minister Mikhail Mishustin, was a sign the Russian president is rattled by the increasing impact of sanctions, economists and analysts said. Putin “is concerned he needs to interfere to make sure supplies will be available,” said Sergei Guriev, provost at France’s Sciences Po. “He is concerned that sanctions have really hit the ability to produce goods.
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