As the war in Ukraine drags on, the economic consequences for Russia are beginning to be felt more acutely. Initially noted for its resilience in the face of one of the harshest sanctions regimes in modern history, the Russian economy is now showing clear signs of running out of steam. Inflation is accompanied by soaring interest rates. At the same time, the fragility of the ruble, which has been falling steadily against the yuan, reflects a growing dependence on China, Moscow’s main trading partner.
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