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World

24. 05. 2022. 00:00   >>  18:22

BUNDESBANK

"Russia's economy will suffer long-term damage due to invasion"

Russia's economy will face long-term damage as a result of the war in Ukraine, according to the German central bank Bundesbank.

The Bundesbank's monthly report says Russia is heading towards losing a significant part of its long-term prosperity.

The negative consequences of the war would affect both the industrial and service sectors, Bundesbank experts estimate.

"The new export bans imposed by Western countries and the supply restrictions imposed by many companies are therefore likely to hit Russian industry particularly hard," the Bundesbank said.

Russia's industry is in danger of "serious loss of efficiency" and "technological backwardness as a result of extensive international isolation," the report said.

Russia is already noticing that many highly skilled workers are going to work abroad, and this trend is likely to continue due to the war.

In light of these challenges, Russia is likely to rely even more on oil and gas exports in the coming years, but even that will not be as easy as it has been so far. The embargo will affect demand, which means that those who buy Russian oil and gas will probably want big discounts.

"Russia could soon be forced to significantly reduce oil production due to lower demand," the report said.

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