Vladimir V. Putin is making gains in his war on Ukraine while the United States and its allies struggle with soaring energy prices and inflation.
The reopening of the fast-food stores under Russian ownership illustrates the economy’s surprising resilience in the face of intense sanctions, though difficult times lie ahead.
The revenue powers Vladimir V. Putin’s war machine in Ukraine. But plans for new U.S. sanctions could create problems with China, India and other major buyers.
The government has brought stability for now through extreme measures, but forecasters are expecting continued severe inflation and a deep downturn.
Elvira Nabiullina got another five-year term as head of Russia’s central bank after quelling the initial market panic over the invasion of Ukraine.
While Vladimir V. Putin boasts that Russia is holding up under Western sanctions, his central bank chief and the mayor of Moscow warned that the worst is yet to come.
The unscheduled rate change came after the ruble had regained most of its losses since Russia invaded Ukraine.
The U.S. Treasury tightened its restrictions on Russian financial transactions on Monday, when more than half a billion dollars in bond payments were due.
Russia’s financial position is stronger in the short term than many expected.
The Russian leader has stabilized the ruble and kept Europe’s leaders guessing by threatening to cut off energy. But he has left the country financially isolated.
Why has Russia gone all out to defend its currency?
The ruble’s stronger showing is most likely driven by artificial factors and might not be a good marker that the Russian economy is improving, one expert said.
President Biden says that Ukraine has the full support of the U.S. Volodymyr Zelensky disagrees.
Trading has resumed after the market closed for a month, but it’s not business as usual.
Citing sanctions, the Russian government warned it might pay foreign debt obligations in rubles. Credit rating agencies say a default is imminent.
Which companies have pulled out of Russia — and which have not?
With the ruble collapsing, the economy contracting and people abandoning the country, Russia’s leader talks of a Western plot to destroy the country.
The Biden administration and European officials are crushing the Russian economy and stirring mass anxiety to pressure President Vladimir V. Putin to end his war in Ukraine.
Russia’s military incursion is severing key supply chains and setting off a scramble among global companies to comply with new sanctions.
The price of energy has already shot higher, and the conflict imperils supply chains, factors that could exacerbate inflation and suppress growth.
But many experts are worried about what happens next.
The Ukraine war has revealed the Putin regime’s true weakness.
The ruble plunged, the stock market was shuttered and foreign investors shed holdings in Russian companies, deepening the concern among citizens who had become accustomed to the perks of globalization.
After days of miscalculation about Ukraine’s resolve to fight, Russian forces are turning toward an old pattern of opening fire on cities and mounting sieges.
Measures announced over the weekend aimed at restricting the Russian central bank’s ability to support the ruble appear to be having an immediate impact.
The hectic moves were the first signs that Western sanctions were shaking the foundations of Russia’s economy.
The ruble dropped to record lows against the dollar, stirring fears of inflation and bank runs, and the central bank raised a key interest rate sharply.
Despite the Kremlin’s efforts to obscure the offensive in Ukraine, the costs of the war were already evident in both economic and social turmoil.
The penalties will affect Russia’s biggest banks, its weapons industry, its largest energy company and families close to President Vladimir V. Putin. The country’s stock market has plummeted.
Since paying the price for annexing Crimea in 2014, Russia has tried to make its economy sanctions-proof, hoarding currency to insulate the country.