Figures revealed that imports into Russia made up about 20 percent of its GDP, with the domestic economy largely reliant on foreign goods. The study found that imports fell by more than half in the initial months after the invasion began.
Its authors noted: “Even on imports, Russia needs its trade partners far more than its partners need Russia.” Strikingly, in a sign Putin’s closest trading partner lacks faith in the Russian economy, China has cut exports to the country by more than half between January and April this year.
The Yale study found that “well over” 1,000 companies from around the globe had publicly announced they were voluntarily curtailing their Russian operations. They include pharmaceutical companies Bayer, Pfizer and GSK, energy firms Total and ExxonMobil, as well as large consumer brands Unilever, Procter&Gamble and McDonalds.
Their value to the economy is estimated to exceed $600billion (£507.1billion), meaning the retreat “in the span of three months has almost single-handedly reversed three decades’ worth of Russian economic integration with the rest of the world”.