Russian official warns of recession as Ukraine conflict intensifies
- Ukrainian President Volodymyr Zelensky remarked on the deteriorating condition of the Russian economy during his address, citing credible reports of an impending recession.
- Russian Economic Minister Maxim Reshetnikov confirmed the forecast of a recession while Putin controversially dismissed such claims at the Saint Petersburg Economic Forum.
- Zelensky emphasized increasing global pressure on Russia to further deteriorate its economy, comparing its fate to authoritarian regimes like Iran.
In recent developments concerning the economic impact of the ongoing conflict in Ukraine, Russian Economic Minister Maxim Reshetnikov has publicly acknowledged the impending recession in Russia's economy. This statement comes amidst increasing reports from key Russian economists who are warning President Vladimir Putin that the war in Ukraine could lead to substantial economic downturns. These fears were echoed during Putin's participation in the Saint Petersburg Economic Forum, where a moderator cited credible reports suggesting that the Kremlin's military actions in Ukraine are damaging the country's economic stability. President Volodymyr Zelensky of Ukraine responded to these economic warnings during his Friday evening address, asserting that Kyiv aims to take advantage of Russia's economic weaknesses. He described the Russian economy as already