Canada News

Russian people face ‘catastrophe’ as ruble crashes and sanctions bite

Summary

Everyone expected the Russian attack would be devastating for Ukrainian lives and businesses, but Canadians who study Russia and its economy say they have been startled by the invasion’s catastrophic impact on Russians thanks to sanctions imposed by Western nations. […]

Everyone expected the Russian attack would be devastating for Ukrainian lives and businesses, but Canadians who study Russia and its economy say they have been startled by the invasion’s catastrophic impact on Russians thanks to sanctions imposed by Western nations.

A plunging currency, a doubling of interest rates, empty shelves, a closed stock market, lineups at banks that are in danger of going broke — Canadian Russia-watchers say the repercussions of the invasion on Ukraine are affecting Russians at every level and are only now being understood.

One question everyone is asking is whether this will weaken President Vladimir Putin’s grip on power.

“I think it’s a catastrophe all around, but I think it is a catastr

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