New York—Nearly two months into the Russian-Ukraine war, the Kremlin has taken extraordinary steps to blunt an economic counteroffensive from the West.
NEW YORK—Nearly two months into the Russian-Ukraine war, the Kremlin has taken extraordinary steps to blunt an economic counteroffensive from the West. While Russia can claim some symbolic victories, the full impact of Western sanctions is starting to be felt in very real ways.
Some Russian companies have been forced to shut down. Several reports say a tank manufacturer had to stop production due to a lack of parts. US officials point to the closing of Lada auto plants—a brand made by the Russian company Avtovaz and majority-owned by French automaker Renault as a sign of sanctions having an effect.
It took nearly an entire year after Russia was sanctioned for seizing Ukraine’s Crimea peninsula in 2014 for its economic data to show signs of distress, such as higher inflation, a decline in industrial production and a slowdown in economic growth. While the EU has agreed to ban Russian coal by August and is discussing sanctions on oil, there’s been no consensus among its 27 nations so far about halting oil and natural gas. The European Union is far more reliant on Russian supplies than Britain and the US, which have banned or are phasing out Russian oil. In the meantime, Russia gets $850 million a day from Europe for its oil and gas.
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