Russia’s Economy Invaded As Russia Invades Ukraine

Russia’s Economy Invaded As Russia Invades Ukraine as International economic and financial sanctions from US and Europe continue shake the Russian economy.

Interest rates in Russia is now one of the highest in the world surpassing that of even some third-world countries. The central bank of Russia increased its policy rate to 20% from 9% after the sanctions of the US and other EU begin to hit the Russian Economy.

The Russian currency, Rubble, depreciated by a whopping 30% against the US dollar just within five days of the war due to the sanctions imposed on the country. The Russian stock market was also suspended because the assets on the nurse begin to take a nosedive. It is not yet clear when the Russian stock market will resume. To make matters worse, the assets of some Russian firms on other markets in Europe and the US have been banned from trading.

Russia was the first to ban UK airlines from using its airspace as a retaliatory measure against their sanctions. However, the European Union and the US have also now banned Russian airlines from using their airspace, dealing a heavy blow to Russian airlines.

Sports obviously a good earner of income. FIFA, the world’s football governing body, and the European football association have also decided to ban Russian National teams and Russian clubs from international games. In cat sports too, cats owned by Russians are banned from international competition.

READ: How Online Learning Is Reshaping Higher Education

In the latest twist, the European journalist Association is against attempts by the EU to ban Russian TV stations explaining it could attract retaliation from Putin, which would deny Russian citizens access to free and fair reportage.