Russia’s Manufacturing Activity Shrinks as Sanctions Over Ukraine Bite

Russia’s factories cut production and jobs in March after the U.S.and its allies adopted some of the most severe economic sanctions ever taken against a country following Moscow’s invasion of Ukraine , a new survey showed on Friday.

The survey of purchasing managers at Russian manufacturing companies conducted by data firm S&P Global also recorded sharp rises in prices and a big decline in new orders.Western sanctions have effectively severed Russia from international finance and barred it from importing key technologies.