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Ukraine LIVE: Henry Kissinger warns US at ‘edge of war with Russia’ – and China is next | World | News

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Russian industries have seen a catastrophic fall in production since the introduction of sanctions, new data shows.

According to recent analysis, Russia’s car industry has contracted by a “whopping 61.5 percent”, while lumber production has fallen by 80 percent.

The study was put together by Janis Kluge, an expert on Russia and economics at the German Institute for International and Security Affairs.

While noting that the effect of Western sanctions was still being cushioned by stock reserves and worse was to come, Mr Kluge wrote: “Oil production has shrunk by 10 percent as some Western importers shun Russian energy shipments.

“According to steel magnate Mordashov, steel production has declined by 25-30 percent due to sanctions, while lumber production is down 80 percent.

“Although Russia started 2022 with much higher industrial production than in 2021 (+8.6 percent) the positive dynamic had already reversed by April.

“According to Rostat, output was 1.6 percent below the previous year, with the auto sector contracting by a whopping 61.5 percent.”

Read more here.



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