Saturday, April 1, 2023

Why is Putin coping so well with the sanctions?

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The ruble is rolling: Despite sanctions and war, the Russian economy has not collapsed as badly as experts expected.


Jenny WagnerEditor News

Despite the sanctions, the banking system in Russia has not yet collapsed. The expectations were high. Russia’s exclusion from the Swift system was called a “nuclear option” and “financial nuclear bomb” after Kremlin boss Vladimir Putin (70) had his army attack in Ukraine.

No wonder: the Swift communication system handles international payments in an uncomplicated manner. The exclusion should have cut off the Russians from most global transactions through the Swift payments system. This would have made the import-export business incredibly complicated, combined with enormous costs for Russia.

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