Russia’s GDP fell 4% in the second quarter of this year, the first full quarter since Russia sent troops into Ukraine.

MOSCOW (AP) — Russia’s GDP fell 4% in the second quarter of this year, the first full quarter since Russia sent troops into Ukraine, according to the state statistical service on Friday.

Following its incursion into Ukraine on February 24, Russia was hit with a slew of sanctions, including the deactivation of some Russian banks from the SWIFT international transfer system and a significant exodus of foreign firms.

The Rosstat report did not explain why GDP was lower this year than in the same quarter of 2021. However, it reported a 15.3% drop in wholesale trade and a 9.8% drop in retail trade.

Russia reported significant GDP growth in the first quarter of 2022 and the last three quarters of 2021.

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