LONDON (Reuters – Russia’s economic growth will fall 15% in this year and 3% by 2023 due to Western sanctions. A exodus and a Russian brain-drain’, as well as collapse in exports and exclusion of businesses, could wipe out fifteen years of economic success, according to a lobbying group for the banking industry.

The Institute of International Finance (IIF), in its report about Russia’s economy following the invasion of Ukraine by Moscow on February 24, stated that they did not anticipate a ceasefire and it was possible sanctions would be increased and tightened over the next few months.

Elina Ribakova (IIF’s deputy chief economist) stated that Western sanctions had caused the “full destruction of 30 years of investments” following the invasion. She spoke to reporters at a Wednesday media briefing.

She stated, “What’s your number for ripping apart 15 year worth of value chains?” and that Europe should wean itself from Russian energy exports in order to make the economy more difficult over the medium term.