Impact of Western Sanctions on Russian Life


Posted on 14 March 2022


For Illustration Purpose Only.

For beginning a conflict in Ukraine, the West has put a number of sanctions on Russia. Despite this, Russian President Vladimir Putin has supported the measure, calling it a "special operation" to demilitarize and "de-Nazify" Ukraine. The West, on the other hand, dismisses this as a bogus justification for a war of choice. Financial fines have been imposed on Russia as a result of the economic restrictions, and international corporations have halted operations in the country, affecting day-to-day living. Consumer prices in Russia increased by 2.2 percent shortly after the sanctions were announced. Following accusations of hoarding, businesses in Moscow and other cities are limiting sales of pharmaceuticals and other commodities, according to the BBC. Since the invasion began nearly three weeks ago, the rouble has fallen. Jan, who lives in the EU, told the BBC that the supplies he ordered on February 20 for 5,500 roubles now cost 8,000 roubles. Russian Finance Minister Anton Siluanov said on Monday that the country will use Chinese yuan from its foreign exchange reserves after Western sanctions prevented Moscow from accessing the reserves' US dollars and euros. Sugar costs have also increased by 20%. According to the BBC, the cost of smartphones and televisions has increased by more than 10% as supply has dried up owing to limitations. Other well-known businesses, such as Nike, Apple, and Ikea, have stopped selling their goods in Russia.


Key Points


  • For beginning a conflict in Ukraine, the West has put a number of sanctions on Russia. Despite this, Russian President Vladimir Putin has supported the measure, calling it a "special operation" to demilitarize and "de-Nazify" Ukraine. 

  • Consumer prices in Russia increased by 2.2 percent shortly after the sanctions were announced. Following accusations of hoarding, businesses in Moscow and other cities are limiting sales of pharmaceuticals and other commodities, according to the BBC.

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