Russia’s brutal war in Ukraine has affected the Russian economy through various channels. There has been a substantial decline in imports due to the heightened uncertainty and the international sanctions prompted by the war.
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The global economy and global trade flows have been hit hard by the COVID-19 crisis. The trade collapse in the second quarter of 2020 was even more severe than during the trough of the global financial crisis in 2009.
Russia imposed strict lockdown measures similar to many countries, resulting in sharp reductions in demand and production.