The Central Bank compared the situation in Russia with the changes of the 1990s

According to the representative of the Central Bank Kirill Tremasov, RUSSIAtoday is in the field of global change. Among the new conditions, he singled out the imposed restrictions on the movement of capital,

Russia is in an area of ​​change that it has not seen since the 1990s in terms of scale, said Kirill Tremasov, DIRECTOR of the Bank of Russia's monetary policy department.

“Now we are all in an area of ​​change, rather global change, probably, which we have not seen since the 1990s in terms of the scale of changes,” he said at the Investfunds Forum conference of institutional investors (quoted by RIA Novosti).

The Ministry of Economy assessed the risks of economic decline due to tougher sanctions Economics

The new conditions are primarily restrictions on the movement of capital, he explained. The second new condition is a large-scale and, apparently, long-term transformation of the economy, which began in response to sanctions restrictions, Tremasov continued. And the third is the increased uncertainty of external conditions, which have to be taken into account when making forecasts and making decisions, he concluded.

At the same time, the main structural changes in the Russian economy will take place in the next year and a half, said a representative of the regulator. “Sanction restrictions have launched a process of large-scale structural restructuring of the Russian economy, which can stretch over the entire three-year forecast period and even beyond. But still, the main changes will likely take place in the next year and a half,” he concluded.

Kudrin predicted a "very difficult situation" for Russia in the next 2 years Economics

Western countries imposed new sanctions against Russia after it recognized the independence of the DPR and LPR and launched a military operation in Ukraine on February 24. By the beginning of March, Russia had bypassed Iran, Syria and North Korea in the number of restrictive measures imposed against it.

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Earlier, the HEAD of the Accounts Chamber Alexei Kudrin said that Russia was in for a "very difficult situation" in the next two years. Kudrin explained that the Russian economy is going through a difficult period, its decline in 2022, according to preliminary forecasts, will be 8.8%, and according to a more conservative scenario - 12.4%.

At the end of April, the Central Bank estimated the fall in GDP at the end of this year at 8-10%, adding that the fall will continue next year, but then the figure will be 0-3%. According to the calculations of the Central Bank, the growth of the Russian economy will be possible only in two years, it can reach 2.5-3.5%. The Central Bank associated this trend with interruptions in production, a decrease in imports into the country and supply chain disruptions.

According to the International Monetary Fund, at the end of 2022, the share of Russian GDP in global GDP will drop to 2.72% compared to 3.07% at the end of 2021. Russia will move from the position of the sixth largest economy in the world to the seventh, it will be replaced by Indonesia. Analysts at S&P Global Market Intelligence predicted that it would take Russia ten years to restore the economy to 2021 levels amid Western sanctions.