Posted on Oct 27, 2023
Putin keeps being surprised by Russians' economic struggles
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Russian President Vladimir Putin has twice said this week that he is surprised by his citizens' economic struggles.
Russia's economy took a hit after the full-scale invasion of Ukraine began in February 2022, being subjected to more than 13,000 restrictions. This makes it the world's most-sanctioned country, the Carnegie Endowment for International Peace notes.
The effects are being felt nationwide, with support for the war falling as Russians feel the financial pinch caused by sanctions, according to a poll by independent Moscow-based research group Chronicles, released a year into the conflict.
Russia's currency has also been affected, prompting Russia's Central Bank to hike interest rates at an emergency meeting in August from 8.5 percent to 12 percent. On Friday, the bank again moved to increase interest rates to 15 percent per annum, saying that "a long period of maintaining tight monetary conditions in the economy" will be required.
Russia's economy took a hit after the full-scale invasion of Ukraine began in February 2022, being subjected to more than 13,000 restrictions. This makes it the world's most-sanctioned country, the Carnegie Endowment for International Peace notes.
The effects are being felt nationwide, with support for the war falling as Russians feel the financial pinch caused by sanctions, according to a poll by independent Moscow-based research group Chronicles, released a year into the conflict.
Russia's currency has also been affected, prompting Russia's Central Bank to hike interest rates at an emergency meeting in August from 8.5 percent to 12 percent. On Friday, the bank again moved to increase interest rates to 15 percent per annum, saying that "a long period of maintaining tight monetary conditions in the economy" will be required.
Putin keeps being surprised by Russians' economic struggles
Posted from newsweek.com
Economics
Russia
Ukraine
Vladimir Putin
Posted 7 mo ago
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PO1 William "Chip" Nagel
..."But why has chicken become so expensive?" Putin asked. "Poultry meat costs 27 percent more than at the beginning of the year."
According to local news publication URA.ru, Putin said the government needs to take timely measures to prevent prices from rising.
Putin also said Thursday that he was surprised by the salaries of specialists in the space industry.
"[Salaries] should be a little higher, I agree. We will definitely think about it. To be honest, I didn't expect this when I looked at the material for today's meeting. I was even a little surprised," Putin said at a meeting with young scientists and space industry specialists in the city of Korolyov near Moscow.
Newsweek has contacted Russia's Foreign Ministry for comment via email.
Anatoly Aksakov, a member of Russia's lower house of parliament, the State Duma, said in July that the ruble has plummeted partly because Russia has had to inject funds into the four Ukrainian regions that were annexed by Putin in September 2022."...
..."But why has chicken become so expensive?" Putin asked. "Poultry meat costs 27 percent more than at the beginning of the year."
According to local news publication URA.ru, Putin said the government needs to take timely measures to prevent prices from rising.
Putin also said Thursday that he was surprised by the salaries of specialists in the space industry.
"[Salaries] should be a little higher, I agree. We will definitely think about it. To be honest, I didn't expect this when I looked at the material for today's meeting. I was even a little surprised," Putin said at a meeting with young scientists and space industry specialists in the city of Korolyov near Moscow.
Newsweek has contacted Russia's Foreign Ministry for comment via email.
Anatoly Aksakov, a member of Russia's lower house of parliament, the State Duma, said in July that the ruble has plummeted partly because Russia has had to inject funds into the four Ukrainian regions that were annexed by Putin in September 2022."...
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