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Russian economy pays the price for MH17

Avatar of Nick John By Nick John Dec9,2023 #economy #MH17 #Russian
Russian economy pays the price for MH17 2
Russian economy pays the price for MH17 2

In a phone call last night with Russian President Vladimir Putin, British Prime Minister David Cameron said Russia’s `destabilizing` actions in eastern Ukraine were part of the cause of the MH17 tragedy.

According to Moscow Times, Canada yesterday also announced its readiness to impose sanctions on individuals, organizations and the entire Russian economy after the MH17 incident.

Russia is facing the risk of suffering a series of sanctions from the West.

One day before the accident, on July 16, the US even announced tightening sanctions on Russia to warn against alleged interference in Ukraine.

Currently, the US and Europe are preparing for a new round of sanctions, expected to be announced this week, targeting Russian billionaires with ties to President Putin.

Continuous negative information has recently caused the Russian financial market to struggle.

The Russian ruble yesterday also lost 0.2% against the USD.

Since annexing the Crimean peninsula in March, Russia has been imposed many sanctions by the US and Europe.

Yesterday, Bloomberg reported that the Russian Parliament is also drafting a bill requiring state-owned companies and government agencies to prioritize using products from domestic technology firms to reduce dependence on foreign technology.

The country’s tycoons also seem to be preparing for the worst.

Since the beginning of the year, the 19 richest people in Russia have lost $17.4 billion in assets, while this number in the US has increased.

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