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  • Sankara posted in the group Business

    1 year, 10 months ago
    Gripped by heavy economic sanctions and increasingly isolated from Western suppliers, Russia is working to keep its factories and businesses running and to stave off a return to Soviet-era scarcity. The economic toll, though difficult to quantify, has been felt widely, from its largest companies to its small shops and workers.

    As the central bank slashed interest rates, its chairwoman, Elvira Nabiullina, warned that the coming months would be “difficult for both companies and citizens” as the fallout deepened for the Russian economy more than three months into the invasion of Ukraine. Shortages will most likely worsen as sanctions further turn Russia into an economic pariah.

    Basic items, including paper and buttons, are in short supply. Prices of consumer goods have been soaring, with the inflation rate rising to 17.8 percent last month before dipping slightly. Sales in the energy sector are projected to fall as European customers begin to pivot away from Russian oil. And airlines, cut off from Western manufacturers, are searching for spare parts.

    Quotable: “I call what is happening now a horrible experiment,” said Ivan Fedyakov, who runs Infoline, a market research firm in Russia. “It has never happened in modern history when such a big and deeply integrated country would be so quickly and abruptly fenced off from the global economy.”

    Back to basics: The Russian automaker Avtotor announced a lottery for free 10-acre plots — and the chance to buy seed potatoes — so that its employees could grow their own food amid “the difficult economic situation.” The company announced the giveaway after Western sanctions hobbled production at its assembly plant in Kaliningrad.

    -The New York Times

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