Russia’s economy has been severely damaged by the war in Ukraine, with four million losing their jobs, tens of millions of dollars’ worth of revenue lost, healthcare spending slashed and panicked citizens rushing the banks, a report has claimed.
A panicked Vladimir Putin is hiding the full scale of the catastrophe from both Russian citizens and the world by making key banking and finance data state secrets, contradicting claims out of Moscow that Western sanctions are having little effect.
Research by the the Kyiv School of Economics (KSE) Institute suggests emergency measures taken by Putin have only ‘papered over the cracks’ in the short-term – with Russia facing a decade of woe before its economy returns to pre-invasion levels.
Using data from sources including the IMF, the World Bank, the International Energy Agency and the Central Bank of Russia (CBR), the KSE think tank has painted a bleak picture of Russia’s future – which tallies with a Yale report from last month that said Russia is losing the economic war with the West.
Related: Latvian parliament declares Russia a ‘state sponsor of terrorism’ and accuses it of ‘targeted genocide against the Ukrainian people’
Latvian parliament declares Russia a ‘state sponsor of terrorism’ and accuses it of ‘targeted genocide against the Ukrainian people’
Latvian MPs have declared Russia a ‘state sponsor of terrorism’ and described its war in Ukraine as a ‘targeted genocide against the Ukrainian people’.
The statement passed in Riga today ‘recognises Russia as a state sponsor of terrorism, and calls on other like-minded countries to express the same view’.
MPs in the Baltic state, which borders Russia, said they considered ‘Russia’s violence against civilians committed in pursuit of political aims as terrorism’.
They also condemned its use of cluster munitions ‘to sow fear and indiscriminately kill civilians’.
Putin’s forces are using ‘suffering and intimidation as tools in its attempts to demoralise the Ukrainian people and armed forces and paralyse the functioning of the state in order to occupy Ukraine,’ they added.
But Russia hit back, with Kremlin foreign ministry spokeswoman Maria Zakharova slamming the MPs’ statement as ‘xenophobic’.
Lawmakers in Riga also urged the European Union to stop issuing tourist visas for Russian and Belarusian citizens and to cut down on entry visas in general.
They said Russia’s invasion was carried out ‘with the support and involvement of the Belarusian regime’ and called on the international community to impose the same sanctions adopted against Russia on Belarus.
The striking statement came a day after US defence secretary visited Latvia and suggested the US may bring in additional trips from America.
Lloyd Austin said alongside Latvian PM Arturs Krisjanis Karins yesterday morning: ‘We will enhance our rotational deployments in the region and intensify our training with our Baltic allies to further strengthen our combat credible posture in the region.’
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The US currently stations 500 troops in Latvia, a small chunk of its 100,000 on the continent.
There were 100 in place in December, with movements prompted by Russia’s invasion of Ukraine.
Krisjanis Karins added that the country was working closely with the US and boosting its defence budget in response to the looming Russian threat.
‘Now that Russia is waging a brutal war in Ukraine, the US and we are united, working on strengthening NATO and providing support to Ukraine,’ Karins said.
By: Miss Cherry May Timbol – Independent Reporter
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