Russia-Ukraine war, Central Bank of Moscow: sanctions begin to hit the economy
Western sanctions against Moscow have mainly affected the financial market, “but now they will begin to affect the economy more and more”. The governor of the central bank said so Elvira Nabiullina, explaining that the Russian economy “cannot survive indefinitely on its financial reserves and will have to transform to face the impact of international sanctions”. Nabiullina said it will take until 2024 to bring inflation back to its 4% target. And already in the second and third quarters a period of structural transformation and the “search for new business models” will begin.
“The main problems will be associated with restrictions on imports and foreign trade logistics, and in the future for exports,” he explained, adding that Russian companies will have to adapt. “THE Russian producers will have to look for new partnerslogistics, or switch to the production of previous generations’ products, “he said. Exporters will need to look for new partners and logistical arrangements and” all of this will take time, “added Nabiullina, who outlined several measures to help the economy to adapt.
The Russian central bank has more than doubled its interest rate key at 20% when international sanctions struck, but then cut it this month to 17%, signaling a tough economic environment and slowing inflation.
Moscow, 200,000 jobs at risk
About 200,000 people risk losing their jobs in Moscow after foreign companies have suspended operations or decided to leave the Russian market. This was reported on Moscow Mayor Sergei Sobyanin explaining that the Moscow authorities are still ready to support them by offering them temporary employment.
War in Ukraine, stop at Paramount and MTV in Russia
There Paramount announced that it will no longer broadcast its TV channels in Russia from 20 April. These include Paramount Comedy, and children’s channels Nickelodeon, Nickelodeon HD, NickToons and Nick Jr. Also all the music channels of Mtv they will cease to be visible in Russia.
