: Eight charts to help understand the impact of sanctions on the Russian economy – and India #IndiaNEWS The US and European nations have imposed tough sanctions on the Russian economy in response to

Eight charts to help understand the impact of sanctions on the Russian economy – and India #IndiaNEWS
The US and European nations have imposed tough sanctions on the Russian economy in response to its invasion of Ukraine.They started by freezing 0 billion of Russia’s foreign currency reserves. Some capital controls were imposed, blocking Russians from depositing money in foreign accounts and restricting planned investments in Russia and by it. Russia has also been shut out of the SWIFT payment system, which makes its isolation from the global financial system more severe.The effect of these sanctions can be seen already. The ruble fell over 30%, Russia’s stock market has crashed and its rate of inflation is rising. In addition, its government external debt-to-GDP ratio has risen. Its central bank has increased interest rates from 9.5% to 20% in an attempt to tame inflation but that increased the cost of borrowing.In the weeks and months ahead, the impact of increased sanctions on the Russian economy will alienate its financial system from the global monetary system even further. To get a sense of this, here are some numbers.The crashing ruble is creating panic amongst Russian citizens, who have to stand in long ATM queues. If depositors start pulling all their money out, this could cause a run on some of the country’s banks...Read more

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