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Thread: Russia Could Face Recession by Year-End Due to Western Sanctions sez Russian lawmaker

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    Veteran Member Micro Machines Champion, Race Against Time Champion Tedminator's Avatar
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    Russia Could Face Recession by Year-End Due to Western Sanctions sez Russian lawmaker

    Russia Could Face Recession by Year-End Due to Western Sanctions | Business | RIA Novosti

    MOSCOW, July 31 (RIA Novosti) – Stiffer economic penalties on the Russian economy could push it into an early recession by the turn of the year, a senior Russian lawmaker warned Thursday.

    “The sanctions are very likely to cause a slump in GDP growth, with a recession looming even before the end of the year,” First Deputy Chairman of Russia’s Federation Council Economic Policy Committee Yuri Shamkov told RIA Novosti.

    Shamkov stressed that the EU ban on the nation’s state-owned banks to raise long-term funding in Europe could hit the Russian economy particularly hard.

    “This particular measure can deal a serious blow to our economy and consumers, because it will further complicate access to credit-related funds, which has been hard enough due to unscrupulous banking,” Shamkov noted.
    ...more...



    Putin needs to just let Ukraine go.. its not helping Russia that Putin is acting like a psycho killer stalker exhusband trying to drag back a screaming kicking exwife.
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    The Un-Holy One The Man's Avatar
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    Won't matter, as far as Putin's popular support.

    You have to understand, this is Russia. Outside of Moscow, and maybe St. Petersburg, very, very few people use credit cards, or even know what credit is.

    Ever been to a shop in most of provincial Russia. They don't have those little card machines


    Many still use abacuses, for God's sake


    lol

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    Veteran Member Micro Machines Champion, Race Against Time Champion Tedminator's Avatar
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    “The sanctions are very likely to cause a slump in GDP growth, with a recession looming even before the end of the year,” -First Deputy Chairman of Russia’s Federation Council Economic Policy Committee Yuri Shamkov

    pssst hey Mr First Deputy Chairman of Russia’s Federation Council Economic Policy Committee Yuri Shamkov, slight correction.. Russia's GDP is already in a slump according to my handy charts n'graphs.

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    The Un-Holy One The Man's Avatar
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    Russia's GDP slumps. Ukraine loses 33 military and police personnel in 2 days, including a police chief and a battalion commander. Who is doing worse, exactly? Russia has been in bad economic situations before, much worse than this, she will survive. Worry about Ukraine.

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    Quote Originally Posted by The Man View Post
    Russia's GDP slumps. Ukraine loses 33 military and police personnel in 2 days, including a police chief and a battalion commander. Who is doing worse, exactly? Russia has been in bad economic situations before, much worse than this, she will survive. Worry about Ukraine.
    I'm on the other side of the planet and have no emotional attachment to Ukraine or Russia.. so I don't worry about either

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    Veteran Member EnigmaO01's Avatar
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    It wouldn't be the first time a Russian leader drags his country down for his power play and the people just go along with it.

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    Quote Originally Posted by EnigmaO01 View Post
    It wouldn't be the first time a Russian leader drags his country down for his power play and the people just go along with it.
    One would hope that said Russia leader will listen to his First Deputy Chairman of Russia’s Federation Council Economic Policy Committee.

    If not there there's always the revolution route.. something Russia has had some experience with in the past.

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    Without EU Cash, Russian Business Is Sunk | Opinion | The Moscow Times Jul. 31 2014

    So what will the sanctions do? The consensus view among most economists is that they will be a serious, if not catastrophic, problem.

    In particular, Western analysts express broad agreement that the latest sanctions will substantially limit Russian companies' ability to borrow and will make that borrowing much more expensive. After all, it is hard to structure a deal when no one knows whether the bank funding it will soon be on a Western blacklist.

    The Russian finance sector is largely at a standstill already, a combination of the sanctions themselves and the pervasive uncertainty they have inspired. Russia has benefited greatly from its ability to access long-term credit in Western financial systems, particularly London, and that access is now sharply constrained.

    -----

    Many people — particularly those who work in, or are sympathetic to, the Russian government — argue that the sanctions will actually help Russia by forcing it to more intensively develop certain areas of its economy.

    Foreign Minister Sergei Lavrov, as usual, provided a clear and concise formulation of the official position: "We will overcome any difficulties that may arise in certain areas of the economy, and maybe we will become more independent and more confident in our own strength."

    President Vladimir Putin has gone even further, publicly stating that Russian defense procurement should be an entirely domestic affair and that Russia should "do everything" to ensure that it does "not depend on anyone in any of the areas of the army and fleet rearmament."

    "Import substitution" is the latest buzz phrase coming out of the Kremlin, and if sanctions continue to be imposed for any significant length of time, I expect that the Russian authorities will actually try to implement such a policy.

    But here's the problem: It won't work. The list of countries that have successfully conducted a policy of import substitution is much shorter than the list of countries that lapsed into pervasive economic stagnation. When the Kremlin thinks "import substitution," it imagines becoming the next South Korea or Taiwan: innovative, dynamic and world-class. The more likely outcome is Argentina: lethargic, overly expensive and anachronistic.

    ..more..




    Hmm this sanction could actually work in favor of the USA. Hopefully some of the EU business that used to go to Russia will trickle down to the Americas
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    Quote Originally Posted by Tedminator View Post
    Russia Could Face Recession by Year-End Due to Western Sanctions | Business | RIA Novosti

    MOSCOW, July 31 (RIA Novosti) – Stiffer economic penalties on the Russian economy could push it into an early recession by the turn of the year, a senior Russian lawmaker warned Thursday.

    “The sanctions are very likely to cause a slump in GDP growth, with a recession looming even before the end of the year,” First Deputy Chairman of Russia’s Federation Council Economic Policy Committee Yuri Shamkov told RIA Novosti.

    Shamkov stressed that the EU ban on the nation’s state-owned banks to raise long-term funding in Europe could hit the Russian economy particularly hard.

    “This particular measure can deal a serious blow to our economy and consumers, because it will further complicate access to credit-related funds, which has been hard enough due to unscrupulous banking,” Shamkov noted.
    ...more...



    Putin needs to just let Ukraine go.. its not helping Russia that Putin is acting like a psycho killer stalker exhusband trying to drag back a screaming kicking exwife.
    "Putin needs to just let Ukraine go.." Agreed, but how many times has Putin done what we think he "needs" to do? Not many.

    He pretty much does what HE wants to do, not what WE think he should do.

    That may change, but I wouldn't hold my breath.

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    Quote Originally Posted by The Man View Post
    Russia has been in bad economic situations before, much worse than this, she will survive. Worry about Ukraine.
    Exactly right. Not too many years ago Russia had basically no economy at all, and most Russians remember it and know how to survive if it were to happen again.

    Putin doesn't seem to be too worried about the sanctions so far. If there's anything that worries him, it's military power and the willingness to use it, and he doesn't see any threat of that.

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