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Gref: if nothing is done, the return of the Russian economy to the level of 2021 will take ten years

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While the Russian economy has shown “unusual flexibility,” if no action is taken, it will have a hard time coping with sanctions, Sberbank chief German Gref said. According to him, in this case, the return of the Russian economy to the level of 2021 may take ten years. “If nothing is done in the current situation, then approximately such a consensual trajectory of the Russian economy, returning it to the level of 2021, may take about ten years,” Mr. Gref said at the Sberbank business breakfast at SPIEF (quoted by TASS). According to him , no one expected that “restructuring and adjustment” to the new situation would occur at such a pace. “Of course, this is largely due to the fact that the economy has gained unique experience over the years. For the most part, it is private,” said the head of Sberbank. According to the chairman of the Central Bank, Elvira Nabiullina, the external conditions for the Russian economy, which have changed against the backdrop of events in Ukraine and Western sanctions, can last forever….

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