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Posted on 07/01/2026 2:56:08 PM PDT by Libloather
Russia’s top banker has called on Vladimir Putin to end the war in Ukraine, warning that the four-year-old conflict is dragging the country into economic collapse.
German Gref, head of the state-controlled Sberbank, said ordinary Russians are increasingly feeling the economic effects of the war, which are being worsened by Ukrainian drone strikes on Russia’s oil refineries.
“I think we are all worried about the same thing. I don’t believe there is anyone in this country whose primary concern is anything other than an end to military hostilities as soon as possible,” Gref told state TV on Tuesday, as reported by the Moscow Times.
In the same interview, Gref warned that the full-scale invasion of Ukraine, which began in February 2022, is wreaking havoc on the Russian economy, with soaring interest rates and fuel shortages.
“An economy simply cannot survive for a prolonged period under the weight of the extremely high real interest rates we’re seeing today,” Gref said, attacking as “completely irrational” the Russian government’s use of monetary policy to combat inflation.
“We’ve already overcooled the economy. The rate needs to come down,” he said.
Russia’s Central Bank raised its key interest rate to a two-decade high of 21% in late 2024 in the face of soaring inflation.
Although borrowing costs were lowered to 14.25% in June, Russia’s regulator recently warned it may have to keep rates elevated for longer due to a widening budget deficit and growing disruption to the domestic fuel market.
(Excerpt) Read more at nypost.com ...
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I am glad someone with a brain in Ukraine finally started targeting Russian oil infrastructure.
I had said from day one, that is what they needed to do.
Many countries have a high inflation rate.
If inflation is 12% annually and the bank wants a 4% margin, essentially compute the payments based on 4% interest and then add 1% to the loan balance monthly.
In 1989 only the elite had cars.
In 2020, people worked from home if possible.
Incredibly stupid war. Putin should have realized his invasion would become the excuse for massive kick backs to corrupt politicians!
.
German Gref needs to hire many food and drink testers, as well as avoid “falling” out of windows.
I am glad someone with a brain in Ukraine finally started targeting Russian oil infrastructure.
I had said from day one, that is what they needed to do.
Ukraine had neither the means nor the tech to do so until this year.
“the full-scale invasion of Ukraine”
This is how you tell it’s propaganda.
The American Media uses similar “buzzwords” when poo-pooing the 2020 election theft.
I think this developed as the war has gone on. Especially the long range drone capability to strike facilities well beyond the Ukraine border.
I would stay away from windows if I were this guy.
They didn’t have the technology and the production capacity to do it on a heavy basis until this year. Their production is up about 10 times from last year, and the software is now much better.
Crimea is existential to Russia. They’re not giving it up. It was deeded to Ukraine by Khrushchev in 1954 but the Russians never left and Ukrainians didn’t make it Ukrainian.
I would advise this Russian top banker to:
1. Hire a food taster
2. Avoid stepping on any balconies
After the Soviet Union fell apart, a majority of the people of Crimea (and of other Donbas and Luhansk) voted in 1991 to remain part of Ukraine rather than join Russia. That's why they were still both part of Ukraine when Russia invaded in 2022. If Russia considers owning Crimea to be existential, they may want to ask themselves how they manage to survive without it for so long.
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