Russia's GDP decline could hit 124 per cent this year, the economy ministry document shows

An aerial view of Moscow, the capital of Russia. [Reuters]

Russia expects the economy to contract by 8.8 per cent in 2022 in its base case scenario, or by 12.4 per cent under a more conservative scenario, an economy ministry document showed on Wednesday, further evidence that sanctions pressure is taking its toll.

The conservative forecast is in line with that of former finance minister Alexei Kudrin, who said earlier this month the economy was on track to contract by more than 10 per cent this year in its biggest decline in the gross domestic product since 1994.