The Russian economy is taking a "huge" hit from sanctions in response to the war in Ukraine, a senior OECD official said on Monday, pointing to the organisation's 4.5% contraction prediction for next year adding to this year's slowdown.

"This is a huge recession, so sanctions are having a huge impact and we believe very strongly that Russia is paying a very, very big price for the war", said economist Alvaro Santor Pereira at a news conference. (Reporting by Tassilo Hummel; Editing by Sudip Kar-Gupta)