Russian official admits sanctions are crippling the economy as the country grapples with a sell-off
The ruble may not be showing it, but western economic sanctions imposed against Russia are working.
In revealing testimony before the Duma parliament, the head of the Central Bank of Russia (CBR) told the country’s lawmakers she had to throw everything and the kitchen sink just to prevent a full-blown run on the banking system.
“The sanctions imposed against Russia affected the situation in the financial sector, spurred the demand for foreign currencies, and caused fire sales of financial assets, a cash outflow from banks, and surging demand for goods,” said Elvira Nabiullina in prepared remarks first published in English on Friday.
The frank assessment of Russia’s economic problems contrasts sharply with political attacks launched against the current U.S. administration for a sanctions policy that failed to force Vladimir Putin to the negotiating table.
https://www.msn.com/en-us/money/markets/russian-official-admits-sanctions-are-crippling-the-economy-as-the-country-grapples-with-a-sell-off-and-mass-shortages/ar-AAWuo1c
Pooty can't be too happy with you.
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