Tverskaya Street and the State Historical Museum. Moscow, Russia, February 28, 2022. Tverskaya Street and the State Historical Museum. Moscow, Russia, February 28, 2022.

Russia may face a longer and deeper recession as the impact of U.S. and European sanctions spreads, handicapping sectors that the country has relied on for years to power its economy, according to an internal report prepared for the government.

The document, the result of months of work by officials and experts trying to assess the true impact of Russia’s economic isolation due to President Vladimir Putin’s invasion of Ukraine, paints a far more dire picture than officials usually do in their upbeat public pronouncements. Bloomberg viewed a copy of the report, drafted for a closed-door meeting of top officials on August 30. People familiar with the deliberations confirmed its authenticity.

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