‘We’re viewing this as … something that is really hurting the Russian economy going forward and could hurt it even more if the sanctions are escalated’
“We’re viewing this as … something that is really hurting the Russian economy going forward and could hurt it even more if the sanctions are escalated,” he said. “The shock is already pretty sizeable … and we don’t expect that there would be a bounce back from where the Russian economy is.”Article content
Gourinchas told a news briefing earlier that Western sanctions targeting Russian energy exports could cause Russia’s economic output to drop by as much as 17% by 2023. “We’re seeing that, for instance, with a number of Chinese companies – there’s a fear of second-rung sanctions, that if you’re doing business with sanctioned entities, then you yourself could be subject to sanctions yourself,” he said.
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