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Itâs clear that Russia is now suffering from ill winds. The country largely avoided the punishment that most of Europe has endured since the 2008 crash and austerity is an unknown concept to the youth. If the rouble doesnât recover soon and if sanctions are made permanent there will be even more serious costs for the Russian people.
Losses are caused: 1  directly by Western sanctions (exports of oil-producing equipment and of military and dual-use goods); 2  directly by Russiaâs food import ban;  and indirectly due to Russiaâs recession and lower exchange rate, which together lead to much lower demand for imports (from anywhere in the world).