this post was submitted on 12 Aug 2023
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Russia’s War Economy Expands More Than Forecast Despite Sanctions (www.bloomberg.com)
submitted 1 year ago by yogthos@lemmygrad.ml to c/worldnews@lemmygrad.ml
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[–] AlbigensianGhoul@lemmygrad.ml 12 points 1 year ago* (last edited 1 year ago) (2 children)

Even so, the ruble is approaching 100 per dollar after weakening almost 25% since the start of the year, a slump central bank Governor Elvira Nabiullina has blamed largely on the deterioration in foreign trade conditions

But have you considered that they can't trade that well in the currency of the country sanctioning them??? It's actually pretty funny how Russia has one of the highest growth European economies now. Can the EU stop hitting itself?

[–] yogthos@lemmygrad.ml 16 points 1 year ago

In fact, Russia might be the only European economy to have growth at this point.

[–] absolutefuckinidiot@lemmygrad.ml 7 points 1 year ago

My understanding of the ruble slump is that it is due primarily to the need to acquire foreign currency, particularly factoring in conditions of sanctions. I’d imagine this is mostly a short term worry ? I have lots of questions about how valuations of currencies like this will change as they rely less on USD trade going forward.

Also curious, I know we have some Russia based users on the board, has the devaluation impacted local economy and workers in particular in substantial ways ? Or is it just more media hype