Posted on 10/23/2014 12:16:59 PM PDT by upbeat5
Russia’s leaders have continued to criticize the economic sanctions imposed by the West over their invasion of Ukraine, but the official complaints from Foreign Minister Sergei Lavrov have recently taken a more-in-sorrow-than-in-anger tone. The sanctions, Lavrov and others suggest, won’t really hurt the Russian economy in the long term, but are damaging to international cooperation in general. Related Stories
Moody's cuts Russia's sovereign rating by one notch to Baa2 MarketWatch Russia warns of ‘prolonged’ period of cold relations with U.S. Fortune [$$] Russia's Debt Downgraded The Wall Street Journal Russia's Investment Grade Status Teeters On Edge Following Moody's Downgrade Forbes Russian Central Bank and policymakers face conundrum Market Realist
For now, though, an increasingly harsh sanctions regime and the declining value of the ruble and have begun to have noticeable effects on the economy.
Growth in Russia has come to a virtual standstill, as foreign investors pull money out of the country and those who have been considering new investments reconsider. Global oil prices are moving sharply downward, presenting a major challenge to a Russian economy that is utterly dependent on oil and gas exports. As the value of the ruble plunged last week, the Russian central bank spent more than $200 million in an unsuccessful attempt to prop it up. Russia’s inflation rate rose to 8.3 percent in mid-October, driven largely by increasing food prices, driving concern that the central bank will need to raise interest rates in order to slow price increases.
(Excerpt) Read more at finance.yahoo.com ...
WHAT? We’ve sanctioned someone and it actually got their attention? Amazing!
Oh, wait...next week we’ll reverse course and send food, tanks, Vodka, weaponry...just as we’ve done with ME countries.
Never mind...
Now if we could only get the Obama regime to tone down their rhetoric about the U.S. economy. This “Fun With Numbers” BS is getting old.
Its not the sanctions, but oil prices. Texas should actually get the credit for hurting Putin.
Gasoline costs $2.55 in Houston today. I hope the Russians are enjoying low cost oil as much as I am!!!
They deserve it! I filled up at $3.19 this past week - lowest it’s been in YEARS. Keep on falling! Keep on falling! :)
It must be horrible there, it's so similar to what we have been experiencing here under the Obama regime and recession.
Must be nice, living near the cheapest gas stations in Houston. Gas Buddy says the average price there is still $2.90.
At the same time, anyone working in oil and gas has to be worried about the possibility of an extended slump in crude prices.
Very true. We have seen the oil industry ruined by low prices before. There must be a price point that is evenly beneficial to both consumer and producer.
“Don” Putin will be a bit upset.
Reality keeps biting them in their red asses.
~Its not the sanctions, but oil prices. Texas should actually get the credit for hurting Putin.~
Well, 30 dollar a barrel oil still brings profit in Russia. Wouldn’t even twice as expensive bankrupt frackers ?
Sure, for Putin, but you'll probably be shot so they won't have to pay your retirement.
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