The country reduced oil exports by 13.9 percent year-on-year to 4.9 million tonnes and increased exports of natural gas by 19.4 percent to 3.96 bcm.

In an initial assessment a week ago, the IMF said the loss of life, damage to critical infrastructure, trade disruption, and an outflow of refugees would lead to the 10% GDP fall.

President Joe Biden, due to attend summits in Europe this week of NATO, the European Union and the G7, said the stiff resistance of Ukrainian offenders three weeks into the Kremlin’s invasion had put Kremlin leader Vladimir Putin’s "back against the wall”.