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Russia's Nominal GDP in 2022

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Russia's economy has been devastated by Western sanctions since 2014. In response to Russia's Invasion of Ukraine in February 2022, the US and EU imposed severe economic sanctions on Russia.

The Central Bank of Russia foreign reserves were frozen, resulting in the inability of the Central Bank to do market interventions to change the currency exchange rates. The Moscow Stock Exchange trading was canceled on Monday Feb 28 2022 and then this cancellation was extended for the whole week. Bank runs happened and the government prohibited foreign investors from selling their Russian security positions and prohibited Russian residents to send money to overseas accounts. Russian dollar-denominated bonds fell more than 50% on Monday February 28, 2022.

On top of the imminent economic crisis caused by sanctions on banking, other sanctions on Russia are expected to have damaging long-term consequences across industries. Many EU states and Russia closed their airspace for each other's airlines. EU prohibited Russia from leasing airplanes (the vast majority of aircraft used for domestic flights are leased in Russia) and providing aircraft maintenance. The US blocked the export of critical advanced technologies to Russia, including restrictions on semiconductors, telecommunications, avionics.

Russia's nominal GDP was increasing with high velocity during 2000-2008 but then was battered by the Great Recession, 2014 western sanctions and COVID.

What will Russia's nominal GDP be in 2022, in trillions of USD?

This question will resolve as Russia's nominal GDP for the year 2022 in trillions of US dollars as reported by the World Bank.

Categories:
Economy
Geopolitics

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