Bloomberg: Russia has lost $150 bln over five years of Crimea occupation

Over five years of the occupation of Crimea, Russia's economy has shrunk by more than 10 percent, or $150 billion, compared with 2013.

“A study published by analyst Scott Johnson late last year found that the economy of the world’s biggest energy exporter [Russia] is more than 10 percent -- or $150 billion -- smaller compared with what might have been expected at the end of 2013,” reads the article posted on Bloomberg Economics.

It is linked with a drop in oil prices, sanctions and other factors.

As noted, the average incomes of Russians have barely budged above 30,000 rubles a month ($459) since the Crimea takeover and slump in oil prices pushed the country into an almost two-year recession. One region where incomes have grown [from 15,000 rubles a month in 2015 to 22,000 rubles a month in 2018] is Crimea as wages increase from a low base to catch up with those in Russia.

The analysts claim that the sanctions drag isn’t likely to go away any time soon, and allegations that Russia meddled in the 2016 U.S. presidential elections mean it’s only likely to get worse.

ol