Russians alarmed by global shocks
Russians alarmed by global shocks

Serious headwinds threaten to bring the global economy to a halt. The Russians are sick and tired of the global economic turmoil triggered by the coronavirus pandemic and the worst slump in oil quotes in a few decades. These factors sent the Russian ruble into a tailspin. So, it has stuck at multi-year lows. Ordinary people have to bear the brunt of the ailing domestic economy and global troubles. Nevertheless, Russia’s President Vladimir Putin assured the gloomy Russians that neither a collapse in oil prices, nor the pandemic, nor the shock depreciation of the ruble would undermine stability in the domestic economy. Russia will survive the global shocks with dignity, Vladimir Putin concluded. What a striking difference is the rhetoric of the G7 leaders amid the fast-spreading pandemic! US President Donald Trump forges ahead with the proposal for enactment of a $1 trillion stimulus package to guarantee that Americans in quarantine are paid full. The US Fed decided to launch promptly a lending facility to provide loans to households and businesses. Besides, the ECB announced a new pandemic emergency bond purchase program worth EUR 750 billion. Central banks in Canada, Australia, and Japan are conducting massive accommodative programs to shore up national economies. What is going on in Russia? President Putin is exerting pressure on lawmakers to introduce amendments in the Constitution. His top priority is to ensure his authority until 2036. Amid global market jitters, Russia’s ministry of agriculture calmed down jaded people that it was not going to raise prices of basic food items despite sharp fluctuations of the ruble. To make things worse, the Kremlin is interested in the weak national currency, so the central bank is not planning any measures to prop up the ruble.

Published: 2020-03-19 10:40:02 UTC
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