Russia's economy has finally fallen into recession, 8 months after it invaded Ukraine

Russia's economy has fallen into a recession eight months after it attacked Ukraine.

According to Russia's statistics agency, its GDP fell 4% in the third quarter of the year. The country has fallen into a technical recession after two straight quarters of contraction.

Elvira Nabiullina, the country's top centralbanker, said Tuesday that the country needs to look at the economic situation.

The situation can get worse and it's necessary to restructure the economy according to Nabiullina.

The economy was assessed by Nabiullina after months of sanctions against Russia. Most of Russia's currency and gold reserves have been frozen since the beginning of the war.

Russia's economy has been propped up by firm energy prices for a while, but the tide seems to be turning due to President Putin's partial mobilize order. In September, the country's economic activity was stagnant.

According to an official transcript, Nabiullina said on Tuesday that the country's economy would contract by 3% to 3.5%.