: Ordinary Russians are already feeling the pain of economic sanctions – and it’s likely to get worse #IndiaNEWS The daily life of ordinary Russians – not just the country’s political elite or

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Ordinary Russians are already feeling the pain of economic sanctions – and it’s likely to get worse #IndiaNEWS
The daily life of ordinary Russians – not just the country’s political elite or super-rich oligarchs – is already being impacted by economic measures imposed by the international community in response to the invasion of Ukraine.As a scholar of Russia’s political economy, I was surprised by the speed and severity of the Western economic response to the invasion of Ukraine. Whereas the sanctions that the West imposed after the annexation of Crimea in 2014 were generally quite ineffective – at best slowing Russian gross domestic product growth by 1% a year – this time they appear to be having an immediate impact. Just days into the conflict, we are seeing images of long lines of Russians attempting to get cash out of bank ATMs.In the past few days, the US has frozen the assets of the Russian central bank in Western jurisdictions – an unexpected move – and excluded most Russian banks from the SWIFT bank clearing system, which processes trillions of dollars’ worth of transactions every day.This means Russian individuals and businesses will not be able to access any foreign bank accounts that they have. The Central Bank of Russia has tried to reassure the public, stating that the national bank transfer system can handle domestic transactions and that credit cards issued by Russian affiliates...Read more

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