A tightening of Western sanctions against Russia to target energy exports over its war in Ukraine would cause a significant further drop in Russia’s economic output by as much as 17% by 2023, the International Monetary Fund’s (IMF) chief economist Pierre-Olivier Gourinchas said on Tuesday, Reuters reported.

Gourinchas told a news briefing that the IMF’s current forecast is for an 8.5% contraction in Russian GDP for 2022.

“So the sanctions already have a very significant impact on the Russian economy, and they could have an even larger impact if they are tightened further,” he added.