While European countries are bracing for recessions, the Russian economy seems to be holding up---are the sanctions working, and will Russia truly feel repercussions from its war?
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While European countries are bracing for recessions, the Russian economy seems to be holding up---are the sanctions working, and will Russia truly feel repercussions from its war?
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While Russia's war in Ukraine is being at least partially blamed for higher gas prices and surging inflation here in the U.S., in Europe the war could be tipping several countries into recessions. Germany and France's economies are showing signs of significant slowing, and countries across the continent are scrambling to make up for a loss of Russia oil and natural gas. In Italy, food banks are being forced to feed ever increasing numbers of people.
While Europe struggles, however, Russia somehow seems to be holding steady.
Russia's ruble is now considered one of the most valuable currencies in the world. And Russian leaders are bragging about how they've built up a fortress-like economy that can withstand harsh sanctions ... while their fossil fuel production remains at high levels.
But those rosy predictions for the Russian economy are all short-term. How will its war in Ukraine effect Russia's long-term economic prospects?
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