Putin ally issues dire warning about Russian economy

The head of Russia's biggest bank said the country's wartime economy is in stagnation and warned only urgent measures can avoid a recession.

CEO of Sberbank, German Gref, an ally of President Vladimir Putin, has called for Russia's Central Bank to make drastic cuts to the historically high key interest rate it set to cool runaway inflation.

However, Richard Portes, an expert on the Russian economy from the London Business School told Newsweek that even the cuts Gref proposes would not be enough to fix the entrenched problems of the Russian economy caused by Putin's war in Ukraine.

"The Russian economy is not only stagnating, it's declining, " he said.

https://www.msn.com/en-us/money/markets/putin-ally-issues-dire-warning-about-russian-economy/ar-AA1LSYli