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Economic sanctions imposed by Western countries on Russia have disrupted trade and froze nearly half of Russia’s state reserves of gold and foreign currency, putting the country in a very difficult economic position.
Analysts say the shortage of supplies will begin to affect Russian industry in the coming months.
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.
“First of all, 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 decline, and that he is the one who continues to define it. 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.
“In the event of a negative scenario, when inflation starts to rise, our monetary policy will try to slow that growth.”said Elvira Nabiullina, governor of the Russian Central Bank.
Europe’s efforts to end its dependence on Russian energy imports pose a major threat to Moscow. Although until recently it was considered impossible, the end of this addiction is now closer to realization than ever before.
“I think they can get rid of Russian fuel in a year or two. “I think it is accessible to every country in the European Union and to many other countries.”says Mrs. Grigas.
Russia’s actions in Ukraine have been politically punished by other countries. The coming months will determine whether Moscow will also be economically isolated./VOA
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