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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.
Why the Russian Economy Is Tumbling. Low oil prices and international sanctions have crippled Russiaâs economy. The country has been operating at a deficit since 2012, and its Reserve Fund is slated to run out by 2017. Last week, the World Bank warned that the poverty rate in Russia is rising sharply. Related Article