One of Russia's top bank executives says the country's economy may take a decade to recover from crushing Western sanctions.
Herman Gref estimates the countries who've severed ties with Moscow over its invasion of Ukraine were responsible for 56-percent of its exports and 51-percent of imports.
He has described the bulk of the economy as being "under the fire."
Gref said that unless the country takes reform measures amid unprecedented Western sanctions over Russia's war in Ukraine.
Gref stated “If nothing is done in the current situation, then… the return of Russia’s economy to the level of 2021 could take about 10 years,”.
Russia’s GDP is forecasted to fall by 7% in 2022 and 10.3% in 2023 compared with 2021, when it grew by 4.7% to $1.77 trillion.
However the Bank boss said Russia has redirected over 70% of oil deliveries to eastern countries in April and May.