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Russia’s War With Ukraine Already Costing Russian Economy

Mount Equity Group Tokyo Japan > News > Markets > Russia’s War With Ukraine Already Costing Russian Economy

MOSCOW — President Vladimir V. Putin has ushered in a crisis for his country — in its economy and identity.

The Kremlin is hiding the reality of the country’s attack on Ukraine from its own people, even cracking down on news outlets that call it a “war.”

But the economic carnage and societal turmoil wrought by Mr. Putin’s invasion is becoming increasingly difficult to obscure.

Airlines canceled once-ubiquitous flights to Europe. The Central Bank scrambled to deliver ruble bills as the demand for cash spiked 58-fold. Economists warned of more inflation, greater capital flight and slower growth; and the S&P credit rating agency downgraded Russia to “junk” status.

The emphasis on hiding the war’s true extent was a sign that the Kremlin fears that Russians would disapprove of a violent, full-scale invasion of Ukraine, a country where many millions of Russians have relatives and friends.

Even so, more public figures with…

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