EU Commission President: Russia's Bankruptcy Is Only 'Matter of Time'

European Commission President Ursula von der Leyen stressed on Sunday that Russia's bankruptcy is only 'a matter of time'.

In press remarks, the EU official added that Western sanctions are increasingly undermining the Russian economy.

She explained that the export of goods to Russia collapsed by 70%, pointing out that hundreds of large companies and thousands of experts have left the country.

Moreover, she noted that the Gross Domestic Product (GDP) will drop, according to expectations, by 11%.

In addition, the EU commission chief added that Russia's external debt amounted to $59.5 billion, including debt on external bond loans, according to official figures revealed by the Russian Ministry of Finance.

She also pointed out that Russia has 15 loans that must be repaid between 2022 and 2047.