When it comes to the pressure on the ruble, Russia, one of the world’s biggest oil suppliers, is earning less from selling its oil because of Western sanctions. That’s narrowing the cou…
The Russian ruble’s wobble in value has exposed a crack in President Vladimir Putin’s fortress economy, a vulnerability quickly plastered over by the Kremlin’s economic team in a move that allowed the currency to regain its footing, at least for now.
And doughnut seller Krunchy Dream could easily be mistaken for the Krispy Kreme that once stood in its place in Evropeisky mall, even the branding is similar. In the absence of Apple Pay, banks provide stickers with a chip that enables mobile payment. “I think that although I am a pensioner, and there is not much income, I don’t feel much yet,” Cheremesyev said, “but there is anxiety — sometimes my blood pressure rises.”Yuliana, a 38-year-old entrepreneur, was more concerned: “Our condition has deteriorated sharply, it’s no good. … It won’t end today or tomorrow, and not the day after tomorrow. I think more than one generation will pay for this story.
Labor shortages, stemming from people leaving the country, also are supporting salaries, while government-subsidized mortgages help maintain real estate activity. Earning more from exports than what is spent on imports typically supports the ruble. While the shrinking trade surplus has led the currency to steadily decline, Moscow has benefited because a weaker exchange rate actually helps the government pay its bills.
The Kremlin has worked to sanctions-proof the economy following the annexation of Ukraine’s Crimea Peninsula in 2014. It also shifted food production to local companies by banning EU imports and pushed manufacturers to source parts locally.
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