Russia faces deep recession that will 'only get deeper,' Treasury official says - by Matt Egan

Sanctions leveled on Russia have pushed the country toward becoming a closed economy, a status the country is ill-equipped to handle, a senior Treasury official said on Friday.

"The economic consequences Russia is facing are severe: high inflation that will only get higher, and deep recession that will only get deeper," the official told reporters during a conference call. 

 

Among other steps, Western powers have frozen about half of Russia's foreign reserves, banned certain Russian banks from the high security SWIFT banking network and blocked exports of key technology to Russia.  States has also prohibited the import of Russian oil, natural gas and petroleum products. 

 

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