(Reuters.) Russia is expecting the economy to shrink by 8.8% or 12.4% in 2022 under its default scenario. A Wednesday document from Russia’s Economy Ministry showed that further evidence has been provided by sanctions.

This conservative prediction is similar to that made by Alexei Kudrin (ex-finance minister), who stated earlier in the month that the economy would contract more than 10% in 2015, marking its largest decline in gross domestic products since 1994.