Free Republic

The Russian economy contracted steeply in the second quarter as the economic consequences of its war in Ukraine took hold. The economy shrank 4 percent from April through June compared with a year ago, the Russian statistics agency said on Friday. It is the first quarterly gross domestic product report to fully capture the change in the economy since the invasion of Ukraine in February, when Western sanctions shut Russia off from much of the global financial system, and many countries severed trading relationships with Moscow. It was also a sharp reversal from the first quarter, when the economy rose...

The world's largest oil producer stepped up imports of Russian oil in the second quarter despite sanctions aimed at choking Moscow's energy flows, Reuters said. Saudi Arabia imported 647,000 tonnes of Russian oil from April to June, according to data reviewed by Reuters. Saudi Arabia took possession of the oil from Russian and Estonian ports, and has thus far imported 320,000 more barrels from Russia compared to 2021 levels. The Kingdom's increased willingness to grow its reliance on Russian oil is at odds with global powers which are trying to condemn the Kremlin and cut off its exports in response...