RIYADH: The International Monetary Fund expects the Russian economy to shrink by 8.5 percent in 2022 due to sanctions from Western countries. Western sanctions on Russian exports have affected consumer confidence and the country"s economic activities, Malhar Nabar, head of the World Economic Studies division in the IMF"s Research Department, told CNBC Arabia. The IMF earlier in the week cut its global growth projections for 2022 and 2023, citing the economic hit from the Russia-Ukraine conflict. It forecast a growth of 3.6 percent this year, down sharply from 6.1 percent last year. It also expects the same growth for next year.