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Manufacturing activity in the region weakened overall, according to the firms responding to the May Manufacturing Business Outlook Survey. The survey’s indicators for current general activity, new orders, and shipments all declined, with the latter two turning negative. The employment index suggests declines in employment overall. Both price indexes ...
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Russia’s crude oil revenues declined substantially in 2022 and 2023 as voluntary and formal sanctions were imposed in response to the invasion of Ukraine. The formal sanctions imposed at the end of 2022 comprised an embargo on Russian crude oil imports and a price cap that allowed countries not participating in the sanctions the use of Western maritime ...