Russia faces financial meltdown as sanctions slam its economy

[groundloop]

Source: CNN

Russia was scrambling to prevent financial meltdown Monday as its economy was slammed by a broadside of crushing Western sanctions imposed over the weekend in response to the invasion of Ukraine.

President Vladimir Putin was due to hold crisis talks with his top advisers after the ruble crashed to a record low against the US dollar, the Russian central bank more than doubled interest rates to 20%, and the Moscow stock exchange was shuttered for the day.

The European subsidiary of Russia's biggest bank was on the brink of collapse as savers rushed to withdraw their deposits. Economists warned that the Russian economy could shrink by 5%.

The ruble lost about 20% of its value to trade at 100 to the dollar at 6 a.m. ET after earlier plummeting as much as 40%. The start of trading on the Russian stock market was delayed, and then canceled entirely, according to a statement from the country's central bank.

Read more: https://www.cnn.com/2022/02/28/business/russia-ruble-banks-sanctions/index.html

[Alexander Of Assyria]

1. Inflation in ru just soared to 30% or so overnight. Russians must not be pleased with NoHair Putin.

But every tv channel in that tortured land is Fox…can u imagine the control?

[Meadowoak]

15. Every tv station here in the US is basically FOX, especially in the South.

[Alexander Of Assyria]

19. Yes, I hear that...Fox is in control of the South and Republicans...it's a ghastly horror.

Propaganda is not just Putins forte, Murdock is a master, the rats in the fascist party follow or are eaten by the rabies infected foxes.

[GB_RN]

2. I'd Cheer...

If I knew this wasn’t impacting ordinary people in bad ways rather than Rootin’ Tootin’ Putin feeling the pain. I can only hope there’s a popular uprising against him and maybe, just maybe, he ends up like Mussolini.

[boyedav1969]

3. Is there more that can be done?

Seems like a good time to throw them an anchor. Once enough is enough, maybe Russia's people (and/or Putin's inner circle) will take more aggressive steps to change their leadership.

[LiberalFighter]

12. It would be easier for them to do that than it would be for the USA or Europe.

If there were military actions occurring in Russia like there was during WWII in Germany it would be easier to infiltrate. But not so much now.

[Jack from Charlotte]

18. It's so obvious what else can be done.....

to trash their economy. Send them Republican financial advisers. They'll recommend their tried and true solution. Tax cuts for the wealthy. Give those Ruskis a dose of Herbert Hoover and George Bush, Jr. Throw in some Alan Greenspan and they'll be Ruskis selling apples on street corners. Oh wait. Forgot. No apples.

[agingdem]

4. the economic collapse didn't take long...

we live in a global economy...the world financial markets are interconnected...just as Putin had the ability to interfere in our election, we, along with our allies, have the ability to bankrupt his country...ego driven kleptocrats/autocrats like Putin (and Trump) have no regard for human life but they do care about their personal wealth, their investments/property..and Putin's fellow oligarchs, his enablers, are feeling the financial heat as well and they don't look happy...

[calimary]

11. Payback is sometimes MIGHTY expensive.

And when the oligarchs start hurting, you know THAt message is gonna start getting through. Hitting pay dirt, so to speak.

[KPN]

16. RSX (a Russia ETF) has dropped 55% in just

the last 2 trading days.

[Lonestarblue]

5. The oligarchs must be getting nervous.

The military generals must be horrified as well unless they are all brainwashed by Putin. Going on nuclear alert is dangerous, and actually using such weapons is guaranteed destruction. I truly hope Putin’s time as the destructive leader of Russia is near the end. He has been destructive to Russians and to the world. No one, including the Russians, needs his brand of leadership.

[NCjack]

10. The Generals must be in a panic! How will they cope with getting

spare parts for their war machine, due to a trade embargo and a rouble worth shit?

They could:
1. Replace Putin with a reasonable person to steer Russia toward democracy.
2. Withdraw without conditions from Ukraine.
3. Resign their seat on the UN Security Council.
4. Dismantle their nukes and convert bomb materials to peaceful uses; guide the world to do the same.

[getagrip_already]

14. war economies are a different beast.....

Superpower Govt's dont have to buy the materials they need to build arms on the open market. They have internal means of sourcing and manufacturing. They have likely stockpiled critical electronics ahead of need.

They can keep a war going for quite a while without any economy or outside goods. Feeding the people and manufacturing daily needs (refrigerators, automobiles, durable and soft consumer goods of all kinds) is what will be hurt.

Bullets and bombs. Not so much.

[IronLionZion]

6. Russia is the new North Korea

[BlueWavePsych]

7. Surprise!

[Wounded Bear]

8. Hope they're selling a lot of pitchforks at the local Home Depot-ski...

[TeamProg]

17. or Home Despot..

[lagomorph777]

9. Good!

[NCjack]

13. PUTIN must have a new problem -- he has to meet his military payroll.

Anyone know the payday of the Russian Army? It should be "fun" without enough roubles to buy a bottle of vodka.

[Cha]

20. Vlad the Insane Invader Begged

for it.

Link to tweet