Some restaurants in Moscow have seen a 60% drop in customers. The business daily Vedomosti reported that for now, Russia's middle classes are most worried about the crisis. Long lines at cash machines in Moscow are just one sign of the impact of sanctions The governor of the bank, Elvira Nabiullina, told employees in a video address that all had hoped not to be faced with this "extreme situation," according to news agency Reuters.
But the bank is under unprecedented pressure, and seems to have been taken aback by the Western decision to freeze two-thirds of its reserves. Russia's central bank reacted to the crash of the ruble by raising its key interest rate from 9.5% to 20% to counteract the devaluation and prevent an inflationary spiral. It might also not be so easy for Russians on holiday abroad to fly home if they do not already have tickets.
At least three hospitals in Thailand are now only accepting Russian patients who can pay cash. Russians who do make it to a foreign beach will have to carry lots of cash, because certain Russian banks have been excluded from the global SWIFT payments system. However, this time, the blow is considerably heavier, and already a new crisis center has been set up, with Russian Prime Minister Mikhail Mishustin at its helm, to keep the turbulence under control.Įuropean and United States flight bans on Russian aircraft are hitting Russian aviation very hard, with travel companies reporting a 70% drop in bookings. At that time, the government came up with a euphemism to describe sanctions, and Russian media outlets spoke of a "new economic reality." Long lines at cash machines in Moscow are just one sign of the impact of sanctions Russia no stranger to sanctionsĪfter all, Russia has been adapting to Western economic sanctions since at least 2014, when it annexed Crimea.
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