Fitch predicts losses for Russia due to war in Ukraine

Due to the war in Ukraine, the Russian economy will lose more than during the 1998 default, Report informs, referring to Fitch Ratings.

Against the backdrop of record financial and economic sanctions against Russia, the country's economy may fall by 8% compared to only a 5.4% decline in Russia's GDP in 1998.

According to Fitch Ratings, consumer inflation in Russia will reach 18% by the end of 2022.

In addition, a decrease in foreign investment in Russia is predicted against the backdrop of a growing number of international companies leaving the country.