Ruble (Currency)
U.S.-Led Alliance Faces Frustration, and Pain of its Own, Over Russia Sanctions
WASHINGTON — Four months into the war in Ukraine, the countries aligned against Russia face growing economic pain even as sanctions and energy embargoes are showing little impact on Russian President Vladimir V. Putin’s military campaign or his political standing at home. U.S. officials vowed that Russia’s financial system would be battered if it attacked […]
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McDonald’s Is Reinvented in Russia as the Economy Stumbles On
Yevgeny Shumilkin is going back to work on Sunday. To prepare, he pulled the familiar “M” off what had been his McDonald’s shirt and covered the “M” on his McDonald’s jacket with a Russian flag patch. “It will be the same buns,” promised Mr. Shumilkin, who maintains the equipment at a restaurant in Moscow. “Just […]
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Elvira Nabiullina, Head of the Central Bank, Is Guiding Russia’s Economy
“She’s well-trusted in the government and by the president,” said Sofya Donets, an economist at Renaissance Capital in Moscow who worked at the central bank from 2007 to 2019. In recent years, it was quite evident that all kinds of policy questions in the financial sphere were delegated to the central bank, she added. This […]
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Amid Sanctions, Putin Reminds the World of His Own Economic Weapons
LONDON — In the five weeks since Russia invaded Ukraine, the United States, the European Union and their allies began an economic counteroffensive that has cut off Russia’s access to hundreds of billions of dollars of its own money and halted a large chunk of its international commerce. More than 1,000 companies, organizations and individuals, […]
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With Sanctions, U.S. and Europe Aim to Punish Putin and Fuel Russian Unrest
WASHINGTON — As they impose historic sanctions on Russia, the Biden administration and European governments have set new goals: devastate the Russian economy as punishment for the world to witness, and create domestic pressure on President Vladimir V. Putin to halt his war in Ukraine, current and former U.S. officials say. The harsh penalties — […]
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How Sanctions on Russia Are Affecting the Global Economy
In the span of just a few days, the global economic outlook has darkened while troops battled in Ukraine and unexpectedly potent financial sanctions rocked Russia’s economy and threatened to further fuel worldwide inflation. The price of oil, natural gas and other staples spiked on Monday. At the same time, the groaning weight on supply […]
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Western Sanctions Aim to Isolate Putin by Undermining the Ruble
By targeting Russia’s central bank with sanctions, experts said, American and European leaders have taken aim at what could be one of President Vladimir V. Putin’s greatest weaknesses: the country’s currency. In Russian cities, anxious customers started lining up on Sunday in front of A.T.M.’s, hoping to withdraw the money they had deposited in banks, […]
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Russia’s War With Ukraine Already Costing Russian Economy
MOSCOW — President Vladimir V. Putin has ushered in a crisis for his country — in its economy and identity. The Kremlin is hiding the reality of the country’s attack on Ukraine from its own people, even cracking down on news outlets that call it a “war.” But the economic carnage and societal turmoil wrought […]
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Biden Hits Russia With Broad Sanctions for Putin’s War in Ukraine
“That’s really going to be the test: Does Fortress Russia hold up when you have assets that may be frozen overseas?” said Daniel Tannebaum, a partner at Oliver Wyman who advises banks on sanctions. For now, U.S. and European officials are not ready to cut off all Russian banks from Swift, the Belgian money transfer […]
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