The country's economic woes have multiplied since its invasion of Ukraine early last year. The conflict has triggered a wave of sanctions from the Western world. Some have evenfor inflicting so much pain on the nation, with Yale researchers saying he's"cannibalizing" Russia's economy in his urge to conquer Ukraine.
"Russians are just buying less cars, period," Tian said."That speaks to the weakness of the consumer in Russia. This is as close to a proxy to deteriorating consumer sentiment as there is, and the story it tells is profoundly distressing. Russians just aren't spending money." The rough financials show how badly Western sanctions are biting the country, particularly its key energy sector where its oil-and-gas exports have taken a huge hit after price caps and bans were imposed. from sales of oil and gas products, but Western penalties have eroded that income stream.