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Western sanctions are causing great pain to Russia. Because of them, more and more Russians are losing their jobs, as Western countries have cut trade with it and frozen almost half of Russia’s state reserves of gold and foreign currency, putting the country in a very difficult position. economic.
Experts predict that the situation for Moscow will become even more difficult in the coming months, when the real impact of these austerity measures on domestic industry will be seen.
For now, the Russian government has managed to stem the fall of its currency, the ruble, and analysts say Moscow is using this as a propaganda tool for nationwide consumption.
“Russia is trying to avoid international banking sanctions and is trying to strengthen the ruble. I think it is also an attempt to show the Russian public that Vladimir Putin continues to have the situation under control and that he can make the ruble a desirable currency, despite its dramatic fall, and that he is the one who continues to set the rules ”says Agnia Grigas, energy and political science analyst.
Russian banking authorities, under high pressure since Russia invaded Ukraine, have warned from the outset of the difficulties that will follow: a scenario of inflation and market failures that will intensify in the coming months.
Europe’s efforts to end its dependence on Russian energy imports pose a major threat to Moscow. Until recently this was considered impossible, but now the end of this addiction is closer than ever.
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