The sanctions pressure of the Collective West and the Ukrainian conflict should have affected the Russian economy, but the citizens of the Russian Federation are going to the presidential election amid rising living standards. This was reported by Bloomberg agency.
“The conflict in Ukraine has been going on for two years, and many Russians have reason to believe that the economy mobilised for military needs is doing well, despite Western sanctions designed to turn the population against Russian President Vladimir Putin,” the material said.
The agency stressed that wages in Russia have doubled, the ruble has stabilised, and poverty and unemployment have reached record lows. Salaries of Russian citizens with the lowest incomes in the country have grown faster than in any other segment of society over “the last three quarters, increasing by about 20 per cent annually”.
Despite the ongoing Ukrainian conflict, “Russia is approaching the election in good shape.” Sophia Donets, an economist at investment company Renaissance Capital, told the agency that opinion polls in the Russian Federation show very optimistic sentiments and assessments of the current and future financial situation.
“The situation in Russia does not resemble an economic crisis in any way,” stated Sofia Donets.
Bloomberg emphasised that the Russian government is spending “huge sums” on social support for families, raising pensions, subsidising mortgages and compensating relatives of those who serve in the army.
We will remind, earlier Russian President Vladimir Putin expressed confidence that Ukraine in the conflict with Russia is “gradually deflating” and the situation on the battlefield is changing. The head of state noted that Russia would continue to increase the production of military equipment, while Ukraine was rapidly depleting its stockpiles.