Assessment of Initial Impacts of Western Sanctions against Russia: Effects for Azerbaijani Economy

Repercussions of the western sanctions on the Russian economy increasingly arise that negatively affect the total economic structure. National GDP shrank by 4.3% in the first quarter of the current year. As forecasted by the Russian Central Bank following the exposure to sanctions, a 7 percent reduction in the GDP could be expected in the third quarter. Russian ruble lost its value by 7 percent against the dollar in less than a month which even resulted in an inevitable devaluation in the official exchange rate.

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