Eight sanctions packages were adopted by the council following Russia’s unprovoked and justified invasion of Ukraine in February 2022, but food,agriculture, health, and pharmaceuticals are excluded. The sanctions aim at weakening Russia’s ability to finance the war and specifically target the political, military and economic elite responsible for the invasion.
According to independent analysis by the World Bank, International Monetary Fund and The Organisation for Economic Cooperation and Development (OECD), 2022 will be a bad year for the Russian economy. Gross Domestic Product (GDP) is expected to drop by at least 5.5% in the best scenario to almost 9% in the worst scenario.
The chart shows that, in 2022, Russian GDP will drop by 5.5% according to the OECD, by 6% according to the IMF and by 8.9% according to the World Bank.