International Monetary Fund

Ukrainian and Russian national flags are placed on the table ahead of peace talks between Russian and Ukrainian delegations in a guest house in the Gomel region, Belarus is seen Monday, Feb. 28, 2022. The Russian and Ukrainian delegations met for their preliminary talks Monday. The meeting is taking place in Gomel region on the banks of the Pripyat River. (Sergei Kholodilin/BelTA Pool Photo via AP)

IMF chief expects ‘deep recession’ in Russia, potential default

The managing director of the International Monetary Fund (IMF) anticipates a deep recession in Russia as the nation’s economy continues its downward spiral. In an interview on Sunday, Kristalina Georgieva said the impact of sanctions have been quite severe for the Russian economy and the ruble has significantly depreciated.