9 May 2022, 04:11 PM

The war with Ukraine will erase 15 years of Russia's economic gains

Russia’s war against Ukraine will wipe out all of Russia's economic achievements over the past 15 years, the Group of 7 countries said in a joint statement on May 8, following a summit that included President Volodymyr Zelesnky.

"As a result of our export controls, Russia is struggling to replenish its military weapons and equipment,” the statement reads.

“Russia’s two major tank plants – Uralvagonzavod Corporation and Chelyabinsk Tractor Plant – have halted work due to lack of foreign components.”

About 1,000 private sector enterprises have already left Russia. In addition, more than 200,000 Russians have also immigrated from the country, many of them highly skilled.

"Putin has failed in his initial military objective to dominate Ukraine – but he has succeeded in making Russia a global pariah," the G7 said.

Earlier, on May 8, the United States announced a new package of sanctions against Russia over its invasion of Ukraine. They apply to Russia's largest TV channels, financial services, and restrictions on the use of Russian oil.

Russia's war against Ukraine - the main events of May 9

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