The sanctions imposed after the Ukraine conflict “first hit the financial market, but are now having a stronger impact on the Russian economy”. This was stated by the governor of the Central Bank of Russia, Elvira Nabiullina, in a speech to the Duma, according to which “the period during which the economy can live on stocks is limited”. The governor stressed that the central bank “will not seek to bring down inflation at any cost because it would limit the economy’s adjustment” to the new, sanctionsridden situation.
But according to Russian President Vladimir Putin, quoted by TASS, the “economic blitz” launched by the West through sanctions against Russia has “failed”. The same sanctions he argues are already causing “a drop in living standards” in European countries.
Putin recommended “accelerating” the transition from the dollar “to the ruble and other national currencies” in Russia’s international transactions. The economic situation in Russia, he said, is “stabilizing,” as is inflation, with the ruble returning to prewar levels in Ukraine.
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