Here's how Western sanctions are pummelling Russia's economy

A month into the most severe and coordinated sanctions by Western governments, Russia's economy is showing signs of cracking.

With the ruble seesawing in value against the dollar and many educated Russians reportedly fleeing the nation, Russia's economy is facing a contraction unlike any it's ever seen before. "The current crisis will wipe out 15 years of economic development," the Institute of International Finance said in a report. 

The IIF estimates Russia's gross domestic product will shrink 15% this year and 3% next year. Goldman Sachs predicted a smaller but still significant contraction of 10% in 2022.