Posted on Mar 2, 2022
How everyday Russians are feeling the impact from sanctions
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https://www.npr.org/2022/03/02/ [login to see] /sanctions-russia-ukraine-economy-war
After years of life in a growing, globally connected economy, Russians find themselves in a country increasingly unplugged from the world.
Following President Vladimir Putin's invasion of Ukraine, a sweeping wave of sanctions by the European Union and the U.S. has combined with an exodus of foreign companies and investors, leaving Russia more isolated and economically restricted.
On Tuesday, Nike and Apple closed their online stores in Russia. Earlier Tuesday, the world's biggest shipping lines, MSC and Maersk, suspended container shipping to and from Russia. Airplane giants Boeing and Airbus have both stopped supplying parts and support to Russian airlines.
The ruble has fallen as interest rates soar
For several days, long lines formed near ATMs around Russia as people rushed to withdraw cash — both foreign currency and rubles — amid fears of a breakdown in electronic banking.
The value of the ruble has plummeted to a record low, less than 1 cent, as many people watched their savings erode in Monday's free-fall of the Moscow stock exchange. The indexes remained closed as of Wednesday.
After years of life in a growing, globally connected economy, Russians find themselves in a country increasingly unplugged from the world.
Following President Vladimir Putin's invasion of Ukraine, a sweeping wave of sanctions by the European Union and the U.S. has combined with an exodus of foreign companies and investors, leaving Russia more isolated and economically restricted.
On Tuesday, Nike and Apple closed their online stores in Russia. Earlier Tuesday, the world's biggest shipping lines, MSC and Maersk, suspended container shipping to and from Russia. Airplane giants Boeing and Airbus have both stopped supplying parts and support to Russian airlines.
The ruble has fallen as interest rates soar
For several days, long lines formed near ATMs around Russia as people rushed to withdraw cash — both foreign currency and rubles — amid fears of a breakdown in electronic banking.
The value of the ruble has plummeted to a record low, less than 1 cent, as many people watched their savings erode in Monday's free-fall of the Moscow stock exchange. The indexes remained closed as of Wednesday.
How everyday Russians are feeling the impact from sanctions
Posted from npr.org
Russia
Ukraine
Vladimir Putin
Economics
Finance
Posted 2 y ago
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It is inspiring to witness that many in the populace publicly opposition to Vlad the Impaler. Rich
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PO1 William "Chip" Nagel
..."The ruble has fallen as interest rates soar
For several days, long lines formed near ATMs around Russia as people rushed to withdraw cash — both foreign currency and rubles — amid fears of a breakdown in electronic banking.
The value of the ruble has plummeted to a record low, less than 1 cent, as many people watched their savings erode in Monday's free-fall of the Moscow stock exchange. The indexes remained closed as of Wednesday.
The Russian Central Bank more than doubled its key interest rate to 20%, after the U.S. and allies froze much of its foreign reserves that would normally be used to prop up the ruble. Last week, Moscow Times correspondents reported that Moscow banks and ATMs were no longer doling out euros and dollars. They remain in short supply.
The Kremlin has in turn banned all Russians from transferring foreign currency abroad and ordered exporters to exchange 80% of their foreign currency proceeds for rubles.
Russian authorities are also cracking down on public expressions of opposition to what the government continues to call "a special operation" in Ukraine. Russian news organizations — and even reportedly Russian Wikipedia — are facing fines and threats of blockage for the use of the word "war" in reports about the military crisis. Almost 7,000 people have been arrested at anti-war protests."...
..."The ruble has fallen as interest rates soar
For several days, long lines formed near ATMs around Russia as people rushed to withdraw cash — both foreign currency and rubles — amid fears of a breakdown in electronic banking.
The value of the ruble has plummeted to a record low, less than 1 cent, as many people watched their savings erode in Monday's free-fall of the Moscow stock exchange. The indexes remained closed as of Wednesday.
The Russian Central Bank more than doubled its key interest rate to 20%, after the U.S. and allies froze much of its foreign reserves that would normally be used to prop up the ruble. Last week, Moscow Times correspondents reported that Moscow banks and ATMs were no longer doling out euros and dollars. They remain in short supply.
The Kremlin has in turn banned all Russians from transferring foreign currency abroad and ordered exporters to exchange 80% of their foreign currency proceeds for rubles.
Russian authorities are also cracking down on public expressions of opposition to what the government continues to call "a special operation" in Ukraine. Russian news organizations — and even reportedly Russian Wikipedia — are facing fines and threats of blockage for the use of the word "war" in reports about the military crisis. Almost 7,000 people have been arrested at anti-war protests."...
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