The Demolition of Russia's Economy

How bad is the economy in Russia? So bad that many employers aren't paying their employees.

Russia experiences highest spike in wage arrears in decade
Overdue wage arrears in Russia rose by more than 30% in July for the first time since January 2013, with the amount of unpaid wages reaching 427.4 million rubles (nearly $4.8 million), The Moscow Times reported on Aug. 21, citing Rosstat data.
https://english.nv.ua/business/russ...july-hitting-decade-high-levels-50445007.html
 
Tsing Tao said:
GWB: ZH is russian propaganda

Also GWB: Look at this Ukrainian site I'm posting showing Russian economic data!
More...

The copy and paste artist is just that. He cannot think for himself and needs others to do his thinking for him. An article posted by the extreme left must be true in this fool's mind.
 
Recent US sanctions have hit Russia's financial sector hard
https://www.pravda.com.ua/eng/news/2024/08/28/7472264/

The recent large-scale US sanctions have significantly impacted the Russian financial sector.

Source: Andrii Pyshnyi, Governor of the National Bank of Ukraine (NBU)

Details: Pyshnyi highlighted that, just before Ukraine's Independence Day, the United States imposed personal sanctions on 400 individuals and entities, particularly Russian companies and firms from third countries (China, the UAE, and others).

He noted that Ukraine's partners included three major Russian companies on the sanctions list, all significant providers of software and IT solutions for Russian banks and the financial sector:
  • Diasoft, one of the developers of the Financial Messaging System for the Central Bank of Russia, which is already subject to EU sectoral sanctions.
  • Financial Technologies Centre (FTC), a major provider of IT services for Russia's financial sector, collaborates with the Central Bank of Russia and is the developer of the Russian payment system Zolotaya Korona (Golden Crown).
  • ATOL, a payment solutions provider and manufacturer of POS terminals, linked to the Sigmapay service for Russians in Türkiye
"The impact of the sanctions package is already becoming evident: a number of banks in Georgia and Kazakhstan have suspended transfers through the Russian payment system Zolotaya Korona," Pyshnyi said.

The banks stated that the suspension was due to additional checks on links with sanctioned persons in order to comply with international economic sanctions.
 
Sanctions are giving Putin big headaches.

Sheikhs refuse to help Putin: UAE banks halt payments from Russia
https://english.nv.ua/nation/sheikh...banks-halt-payments-from-russia-50446407.html

Banks in the United Arab Emirates (UAE) have been rejecting payments from Russian companies for electronic components and consumer electronics from China since the beginning of August, with the payment chain disrupted due to the risks of secondary sanctions, according to Kommersant, citing market participants.

Transactions are being declined when the purchased goods do not enter the UAE. Russian organizations used companies in the UAE as a way to transfer money to Chinese firms, but the goods were shipped directly to Russia.

Payments through the UAE were advantageous due to low commissions. According to the publication, the blocking is being initiated by the Chinese side.

“About 10-20% of all laptops in Russia are supplied through channels in the UAE, and for other categories of goods, the share can reach 30%,” said one market participant.

Analysts believe that by the end of 2024, Russia may face a shortage of consumer electronics and components that were paid for through these countries, with prices potentially rising by 5-10%.

Earlier, it was reported that Chinese companies are increasingly refusing to supply goods directly to Russia due to concerns over secondary sanctions from the United States. Additionally, Chinese banks have been returning payments from Russia for already delivered goods.
 
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