Russia's economy still shrunk by about 4% between April and June as compared to the same period last year. "The sanctions certainly have made the Russian economy smaller, but not to the extent people had hoped. When Russia invaded Ukraine in February, Europe's continued dependence on Russian oil and gas imports meant the west was unwilling to immediately sanction Russian energy interests. As time goes on, Russian oil production will also decline, the US official predicted, largely because of increased foreign divestiture. Foreign companies have for decades helped maintain Russian oil fields and keep the energy sector efficient — something that Russian companies will struggle to replicate, the US believes.

Source: CNN September 16, 2022 21:44 UTC