Inflating the value of the ruble, seen in comparison to the U.S. dollar on a screen in Saint Petersburg, Russia, is one way the Kremlin hides international sanctions’ impacts on Russia’s economy, a new study says. (© Dmitri Lovetsky/AP Images)
Business withdrawals and sanctions imposed in response to President Vladimir Putin’s unjust war in Ukraine are profoundly weakening Russia’s economy, despite Putin’s claims and the Kremlin’s economic statistics stating otherwise.
More than 30 countries have imposed sanctions against Russia, cutting energy imports, blocking financial transactions and halting shipments of key imports, such as semiconductors and other electronics. As a result, over 1,000 foreign companies have halted operations in Russia.
Meanwhile, imports to Russia have declined more than 50% this year. Consumer spending has plummeted, and Putin is running a budget deficit. Without question, Russia’s…
