Russian economic crisis
Ukraine War: Economy in 'shock' from unprecedented economic war, admits Russia
Moscow: Russia has admitted that the country's economy is in a shock and it is taking measures to resist the impact of what it described as an "absolutely unprecedented" economic war waged against Moscow, media reports said.
Following Russia's "special operation" against Ukraine, the West imposed financial restrictions on SWIFT and capital controls added with international sanctions. Further, the closure of airspace and transports links due to the war have blocked the possibility of doing any business for many companies to supply parts, make payments and deliver goods to and from Russia.
The companies also face potential international consumer backlash and loss of image if perceived as aiding Vladimir Putin's regime, triggering an exodus of corporations from Russia.
"Our economy is experiencing a shock impact now and there are negative consequences, they will be minimised," Kremlin spokesman Dmitry Peskov told reporters on a conference call, reported Reuters.
He said the economic situation was tumultuous but said that steps to calm and stabilise it were already being taken, stated the reports.
"This is absolutely unprecedented. The economic war that has started against our country has never taken place before. So it is very hard to forecast anything," he added, reported Reuters.
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