It will take the country’s economy until 2024 to adapt to the new conditions, according to the regulator The Russian economy is entering a phase of large-scale restructuring, which will be accompanied by a temporary rise in inflation, the Bank of Russia said in a statement on Friday.

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German Vice Chancellor Robert Habeck, who is also the country’s minister for economic affairs and climate action, has reportedly failed to secure a meeting with Chinese Premier Li Qiang during his three-day trip to China, amid economic disputes and fears of a trade war.