Things are looking horrible for Russia at the moment as the country’s currency falls to a record low.
According to local media reports, the sanctions put up by the West are doing damage beyond repair and that means they are literally proving to be a catastrophe beyond repair.
The Rouble has reportedly crashed to a severe extent recently against the Dollar and Pound, and this news comes as the country’s economy hits a massive low as well.
While Sberbank did recently announce a huge set of profits, however, its European arm isn’t doing well due to an abnormal amount of cash outflows, explained economic experts recently.
In other words, it has managed to lose nearly 97% of its value over the stock exchange in London and that is just in a fortnight with most of its shares being worthless.
Citizens are rushing towards the country’s ATMs amid the nation’s largest bank shut down as they try and pull out as many funds as they can.
As promised by US President Joe Biden, the sanctions will do irreversible damage to Putin’s nation, adding how the Russian President opted to choose this route himself.
“The citizen’s savings and investments are being battered in a manner of no return. Soon, we will see it taking a toll on the nation’s printing press, in addition to widely prevalent factors like hyperinflation, and catastrophe”- mentioned Kasyanov who ruled before Putin.
But the damage isn’t over just yet as one of Russia’s best customers, Germany, plans on pulling the plug on their neighbor too and that means no more purchasing of gas from Russia.
“Russia may be accounting for Germany’s energy needs by more than 50% by the German chancellor says that the country plans on choosing an alternate path for its growing supply from other places.