The Russian economy is on the brink of a financial crisis worse than the 2009 recession, warns the International Institute of Finance (IIF) in a new report (pdf). The bombardment of economic and financial sanctions and the recent action to ban or curtail Russian oil imports could result in an economic contraction of -15 percent for the full year, down from the previous estimate of 3 percent, the association for the global financial services industry stated. The group forecast that other boycotts of Russian energy would threaten Moscow’s ability to import goods and services, a scenario that would exacerbate the recession. Its baseline assumes prolonged fighting without an intense escalation in the military conflict. “We forecast -15 percent annual average growth in 2022, twice as bad as the 2009 recession, with risks tilted to the downside. High energy prices are a mitigating factor currently, boosting the current account surplus and …