The figures revealed that imports into Russia account for around 20% of its GDP, with the national economy largely dependent on foreign products. The study found that imports fell by more than half in the first months after the start of the invasion.
Its authors noted, “Even on imports, Russia needs its trading partners far more than its partners need Russia.” Surprisingly, in a sign that Putin’s closest trading partner lacks confidence in the Russian economy, China cut its exports to the country by more than half between January and April this year.
The Yale study found that “well over” 1,000 companies around the world had publicly announced that they were voluntarily reducing their operations in Russia. These include pharmaceutical companies Bayer, Pfizer and GSK, energy companies Total and ExxonMobil, as well as major consumer brands Unilever, Procter&Gamble and McDonalds.
Their value to the economy is estimated at over $600billion (£507.1billion), meaning retirement ‘in the space of three months has almost single-handedly reversed three decades of integration economy of Russia with the rest of the world”.
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