Russian economy feels consequences of sanctions despite Kremlin’s denial
Euronews says nearly two months into the Russian invasion of Ukraine, the Kremlin has taken extraordinary steps to blunt an economic counteroffensive from the West.
While Russia can claim some symbolic victories, the full impact of Western sanctions is starting to be felt in very real ways.
As the West moved to cut off Russia’s access to its foreign reserves, limit imports of key technologies and take other restrictive actions, the Kremlin launched drastic measures to protect the economy.
These included hiking interest rates to as high as 20%, instituting capital controls and forcing Russian businesses to convert their profits into rubles.
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