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Russia enters the review!

Russia enters the review!

Russia has slipped into recession, nine months after launching its invasion of Ukraine, as Western sanctions weigh on the economy.

Gross domestic product shrank by four percent in the third quarter, according to a preliminary estimate from Russia's national statistics agency Rosstat.

As this follows an identical decline in the second quarter, Russia now meets the technical definition of a recession with two consecutive quarters of falling GDP.

Russia's economy has been struggling under a host of problems.

Western sanctions have restricted exports and imports, including key manufacturing components and spare parts.

Companies have also suffered from staff shortages as Vladimir Putin's partial mobilization has put thousands out of the workforce.

However, the four percent drop in economic output between July and September was less than the 4.5 percent contraction many analysts had expected.