Washington Post: Western sanctions are wounding but not yet crushing Russia’s economy
Soon after the Western world launched a broad package of sanctions against Russia for its invasion of Ukraine, President Biden argued that the measures were already causing Russia’s economy to “crater” and “reel.”
Six months later, the picture appears more mixed.
While most economists agree that Russia is suffering real damage that will mount over time, the economy — at least on the surface — does not yet appear to be collapsing. The ruble’s initial nosedive in value quickly reversed after the state limited currency transactions and after Russia’s imports plummeted — an economic picture that can hardly be described as healthy, but one that calmed public fears about a currency crisis. Unemployment hasn’t noticeably surged, and Russia continues to earn the equivalent of billions of dollars every month from oil and gas exports.
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WNU Editor: Russia is shifting its supply chains. The EU will have to do the same .... German chancellor says he is working fast to find alternatives to Russian gas (The Guardian).
More News On Russian Sanctions
Russian economy resilient despite Western sanctions -- DW
Sanctions-hit Russia sending fuel oil to Asia, ship-to-ship terminals -- Reuters
Are Russian sanctions working? -- The Spectator
How one Russian city is coping with sanctions -- SKY News
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