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“No matter how Kremlin wants to persuade the Russians in the opposite, the sanctions are biting. There is no access to cheap western credits, the ruble has plummeted and the economic situation remains bad. This is the price Putin has to pay for invading Ukraine and flouting international laws,” the expert says.
The situation in Russia will aggravate further as the country’s economy continues to depend on the falling oil prices.
Putin’s attempts to return Russian tycoons money to the country have failed, with the capital outflow standing at a record $150 bn in 2014.
Given the situation, Putin will bend backwards to lift the sanctions,” V. Horbulin writes.