Russia’s private sector suffered “substantial declines” in activity last month as the impact of sanctions over the invasion of Ukraine and the plunge in the ruble triggered the sharpest drop in operating conditions since the Covid-19 lockdowns in 2020, according to S&P Global. The Russia Composite PMI index fell to 37.7 in March from 50.8 in the previous month, S&P said in a survey published Tuesday, with both services and manufacturing companies reporting sharp declines. The Russia Services Business Activity Index declined to 38.1 from 50.8 in February, falling below the 50 mark that separates contraction from growth. That was the lowest reading since the pandemic in 2020 and lower than forecast in a Bloomberg survey of five analysts, whose median estimate was for 46. Last week, S&P said Russia’s Manufacturing PMI fell to 44.1 from 48.6, citing contraction in output and new orders as panelists reported […]