It is true that Russia’s economy has held up better than initially thought say in early March. Nonetheless, the outlook for Russia’s economy remains grim with the country likely to experience a deep, multi-year recession, economists at the Bank of Montreal report.

Russian economy's long-term picture does not look pretty at all

“The Russian economy may not be imploding but its long-term picture does not look pretty at all, even if a mutually acceptable peace agreement is unexpectedly brokered.”

“For now, we are forecasting real GDP to contract around 10% this year and another 2.5% in 2023.”