Tag: Russian economy

We Must Destroy Russia’s ‘War Economy’

Buck Banks

“We must ensure that Russia can no longer sustain its war economy. I am talking about economic exhaustion, which we must achieve — for example, through tariffs on those who still actively trade with Russia. And here we again come back to the United States.”

— German Chancellor Friedrich Merz called Russian President Vladimir Putin “perhaps the most serious war criminal of our time,” while warning against appeasing him, TVP World reports.

You Think WE Have Inflation? In Russia, It’s 21%

Buck Banks

21%

Russia’s central bank on Friday raised its key interest rate by two percentage points to a record-high 21% in an effort to combat growing inflation as government spending on the military strains the economy’s capacity to produce goods and services – and drives up workers’ wages, reports Euro News. By contrast, it’s 2.4% in the U.S., according to CNBC.

Is China Helping Russia Hide Money?

Buck Banks

$80 billion

Foreign Affairs: “Our research suggests that Russia may have stashed tens of billions of dollars in reserve assets in opaque offshore accounts, where it holds dollar-denominated securities beyond the reach of international sanctions and asset freezes. We see indications, in fact, that across two different periods—one in mid-2018 and the other late last year, as Russia built up troops on the Ukrainian border—Russia may have secluded up to $80 billion in Treasury securities offshore. … Russia’s total offshore dollar holdings, of course, could be higher still. And there are signs, too, that Russia may have moved some of its dollars with help from a foreign government.”