The crisis in Ukraine reversed the strong recovery of the Russian economy，which fell sharply from 4.6% in 2021 to around -1.1% in the first half of 2022. Since the outbreak of the Ukraine crisis，the United States and Western countries have imposed comprehensive sanctions on Russia，involving entities，finance，investment，energy，defense，science and technology，transportation and other fields. Relying on abundant natural resources and high international commodity prices，the Russian government has introduced a series of policies and measures such as stabilizing the financial market，parallel imports，fiscal and tax stimulus，and special controls on export foreign investment，in an effort to stabilize the domestic real economy. Thanks to the relatively high elasticity of the shift in the destination of energy exports，although the Russian economy fell sharply in the first half of 2022，its performance was significantly stronger than expected. The technical，financial and market blockade of the United States and the West，as well as the gradual entry into force of the ban on the import of European petroleum products，will seriously damage the long-term growth momentum of the Russian economy. The Russian economy is expected to decline by about 4% in 2022 and may continue to shrink by about 3% in 2023.