Borrell: Russia’s GDP will shrink by 10% this year

In his opinion, this will lead to “the largest recession in the Russian Federation … since the collapse of the Soviet Union”

According to Borrell, this will lead to the largest recession in Russia / photo REUTERS
According to Borrell, this will lead to the largest recession in Russia / photo REUTERS

EU High Representative for Foreign Affairs and Security Policy Josep Borrell said Russia’s GDP will shrink by 10 percent this year.

Borrell stated this in an interview with DW .

The EU’s top diplomat dismissed claims that the Russian economy has not yet been hit hard by Western sanctions, while European consumers are already feeling the brunt of high electricity bills. In his opinion, more important than reducing the consumption of Russian gas are efforts aimed at “breaking the ties of the Russian economy with the rest of the world.”play video

“The Russian military machine needs not only money, but also technology,” he said, pointing to Russian tanks that use Western components. “Look at the hull of a wrecked Russian tank. And you will see how many electronic components of Western companies are there. They (the Russians – ed.) will no longer have access to them,” Borrell said.

As the head of EU diplomacy noted, Russia’s GDP will shrink by 10% this year, which, according to him, will lead to “the biggest recession … since the collapse of the Soviet Union.” Very soon, Russian President Vladimir Putin “will have to choose between weapons and oil for the people,” Borrell said.

Recall, also Borrell said that Ukraine needs more  weapons  to protect its freedom and independence, and she will get it.

(C)UNIAN 2022

3 comments

  1. I think a 10% shrinkage is much too low. The sanctions are already crushing their economy. It’s not going as fast as I like, however.

    Liked by 1 person

  2. “Borrell: Russia’s GDP will shrink by 10% this year”

    This is the story of the West in the 21st century; too little, too slow, too late.
    Mafia land’s economy should have been made to collapse already. But, we know very well that profits still range higher than human lives. It’s an undeniable fact. Ask the krauts.

    Liked by 2 people

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