Sanctions are biting and anti-depressant sales are up 4x in Russia

[BeyondGeography]

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Russians have withdrawn a record sum of money from banks since the start of President Putin’s war in Ukraine amid soaring inflation and shortages of everything from medicines to food.

The central bank said today that the total kept in personal savings accounts by Russians fell by 1.2 trillion roubles (£8.7 billion), or 3.5 per cent, last month. The sum is thought to be the largest monthly withdrawal in rouble terms since the collapse of the Soviet Union. Large queues at cash machines have become a common sight across Russia amid fears of economic collapse.

The rouble has plunged to an all-time low and weekly inflation recently hit 2.2 per cent, the highest for 24-year high, according to government statistics. The Russian economy is also on course to shrink by an unprecedented 10 per cent, analysts at Goldman Sachs said. They had predicted a rise of 2 per cent in GDP before the invasion.

…The central bank warned this week that western sanctions were creating supply problems and production bottlenecks. Sales of anti-depressants have risen four-fold, the Kommersant newspaper reported.

…The Kremlin denied recently that Elvira Nabiullina, the head of the central bank, had sought to resign. Nabiullina, who has run the bank since 2013, appeared to admit recently that there was discontent among officials over the war.

https://www.thetimes.co.uk/article/ff9bc1e2-a9fa-11ec-b5dd-c16e85f55725?shareToken=f11c092b7cbe94902e8c2b9b32905232

[roamer65]

1. She was probably threatened to stay.

You either stay, Elvira or you get poisoned.