Russia’s central bank chief warned Monday that the consequences of Western sanctions were only beginning to be felt, and Moscow’s mayor said 200,000 jobs were at risk in the Russian capital alone, stark acknowledgments that undermined President Vladimir Putin’s contention that sanctions had failed to destabilize the Russian economy.
The bleak assessments from two senior officials align with the forecast of many experts that Russia faces a steep economic downturn as its inventory of imported goods and parts runs low. How Russians react to the financial hardships resulting from Putin’s invasion of Ukraine will determine in part whether anything can weaken the Russian leader’s grip on power or sap support for the war.
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