**Russia’s Economy Hit Hard by Inflation and Sanctions**
Russia’s monthly inflation has hit a record high, rising over 1.5 times compared to October. The consumer price index increased by 0.36% during the week of November 19-25.
The Russian economy is facing big challenges due to poor harvests and Western sanctions imposed over Ukraine. The government is also spending a lot on supporting the war in Ukraine, including increasing the military budget and producing more domestic military equipment.
Inflation has had a big impact on food prices. Groceries have become very expensive, with some items like potatoes, cabbage, and beetroot rising by 30-80% since the beginning of the year. The price of butter has also increased by over 31%.
The value of Russia’s currency, the ruble, has continued to drop compared to the US dollar, euro, and Chinese yuan.
**Sanctions on Russian Banks**
The US has imposed new sanctions on 50 Russian banks, including Gazprombank. This means that international payments for Russian oil and gas will be harder, which could harm Russia’s economy.
The ruble is expected to weaken further with the start of the winter holiday season, as companies have to import more goods from abroad to meet increased consumer demand.
**Ukraine Conflict**
In related news, Ukrainian forces are fighting against Russian forces in Ukraine. There have been attacks on critical infrastructure facilities, causing emergency power outages across the country.
The US is planning to provide new aid to Ukraine, including landmines, drones, and Stinger missiles.
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