Money makes the world go around. It lubricates the machinery of war. How will Russia keep its war machine supplied with cash or will it run out?
Like luck, time, water...and soldiers
A new year and new challenges to the Russian economy.
Due to the expiration of a gas transfer agreement signed in the Soviet era, Ukraine stopped pumping the resource to Europe on January 1. And so, with the turn of the valve, Russia has also lost an annual 5-billion-dollar income stream. As a result, the content of Moscow’s war coffers is likely to become more modest.
This does not help the already stretched Russian economy, which has been grappling with creeping stagflation, rising prices, and weakening of the rubble.
Contrary to market logic, the Central Bank of Russia maintained its interest rate at 21%, presumably eyeing symptoms of credit crunch. Some analysts have argued that the head of the bank technocrat Elvira Nabiullina gave in under pressure from opponents in the government and major businesses of the country.
How long will Putin have enough funds to keep the war going? What will happen to Russian economy and society after the war is over?
Join Jan Darasz and his guest Olha Zadorozhna, an economics professor at Kozminski University, for How We Got Here
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