The decline in the price of oil, Western economic sanctions against the nation following its invasion of Ukraine, and the collapse of the Russian rouble that resulted, has decimated Russia’s economy. Now Russian GDP has shrunk so much it is no longer the world’s eighth largest economic power, according to The Telegraph. Instead, Putin’s Russia is now carries roughly the same economic weight as … Spain: Russia has lost its ranking as the world’s eighth biggest economy, shrinking in just nine months from a $2.1 trillion petro-giant to a mid-size player comparable with Korea or Spain. For the past several …read more
Source: Business Insider
