Russia economy may not reach pre-war levels until 2030, says report

By the end of 2023, GDP will be about 8% below where output was in 2021, according to the credit rating watchdog's forecast

Russia’s economy is not likely to return to pre-war levels before the end of this decade as the Ukraine war and stricter sanctions worsen long-standing economic deficiencies, Scope Ratings said in a report seen by Reuters on Friday.
 

By the end of 2023, gross domestic product (GDP) will be about 8 per cent below where output was in 2021, according to the credit rating watchdog’s forecast.
 

The Russian economy expanded by 4.7 per cent in 2021, according to federal statistics service Rosstat.

Russia cuts key rate to 7.5%

Russia's central bank cut its key interest rate by 50 basis points to 7.5 per cent on Friday as inflation slows and the economy needs cheaper lending to limit a slump, but did not repeat recent guidance that it would study the need for further cuts.

Ukrainian authorities found a mass grave containing 440 bodies in the northeastern town of Izium that was recaptured from Russian forces days ago, officials said, including some people killed by shelling and air strikes.

Thousands of Russian troops fled Izium last weekend after occupying the city and using it as a logistics hub in the Kharkiv region.