Russian Economy Reeling After New Western Sanctions -- Voice of America
WASHINGTON — A new wave of Western sanctions is hitting Russia’s economy hard. State-owned energy firms continue to bleed profits and Russia’s national currency plunged to a new low this week after the U.S. and the European Union announced new sanctions to punish Russia's aggressive stance in eastern Ukraine. The sanctions could also prove costly for European and American companies.
While some worry the country’s weak currency will fuel higher prices, others say Russian consumers, who tend to buy few imports, are not likely to feel the impact yet.
“They affect state enterprises, state companies; they affect banks; they now affect a broad number of individuals, but less so, much less so - rank and file Russians,” said Maria Lipman, a political analyst at the Moscow Carnegie Center.
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More News On The Impact Of Sanctions On The Russian Economy
Russia Admits Sanctions Are Hurting -- WSJ
Russia's Medvedev: Western Sanctions Taking their Toll -- FOX News
Russia's Putin says sanctions violate principles of WTO. -- Reuters
Sanctions against Russia 'violate' core principles of WTO – Putin -- RT
Russia has no plans to punish West with retaliatory sanctions — Putin -- ITAR-TASS
Russia approves tough budget as sanctions restrict growth -- Reuters
Russian government approves 2015-2017 budget draft -- ITAR-TASS
Russia demands changes to Ukraine-EU trade deal -- Reuters
Western Economic Sanctions Come at a Price for Russia, Europe – Hollande -- RIA Novosti
My Comment: When sanctions first started .... I mentioned in this blog that they were going to hurt. Official Russian reaction was "blase" .... discounting it's impact. Now we know the truth .... sanctions are hurting Russia .... but they are also hurting the rest of Europe. The question that now needs to be answered is .... how long will this last.
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