Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

 Russian official:   Recession Hits US Economy   due to Sanctions against Russia

Sat 02 Jul 2022 | 08:35 PM
Ahmed Moamar

The head of the Russian Fund for Direct Investments, Kirill Dmitriev, said that the recession began to hit the US economy largely due to sanctions against Russia, which led to the collapse of US stock indices.

Dmitriev, whose name was included in the lists of Western sanctions after the start of the Russian military operation in Ukraine - added in a statement today, "The US sanctions against Russia are devastating for the American economy, and have already led to the largest drop in the history of the leading stock indices, as the Nasdaq index showed the worst  drop in history in half a year, while the Dow Jones index recorded the largest decline since 1962.”

He explained that the decline in the markets led to a decline in the value of US stocks by 9 trillion dollars.

Dmitriev continued, "Just as it was half a century ago, the complete collapse of the markets is followed by the beginning of the recession."