From the Document: "Across a range of metrics, Russia's economy is worse off than it was before Russia expanded its invasion of Ukraine in February 2022. The International Monetary Fund (IMF) projects that in 2022 Russia's economy will contract by 8.5%, inflation will reach 24%, and unemployment will double to 9.6%[.] The new sanctions imposed by the United States, the European Union (EU), the United Kingdom (UK), Canada, Australia, Japan, and others are unprecedented in terms of scope, coordination, and speed, and appear to be the overarching source of economic pressure on Russia. Other factors--including economic disruptions from the war and the pandemic--also are creating challenges. The Russian government has implemented a number of policies to mitigate the impact of sanctions, and Russia's energy exports--so far largely exempt from international sanctions--remain a major source of revenue."
CRS In Focus, IF12092
Congressional Research Service: https://crsreports.congress.gov/