The Russian economy cannot be fully excluded from the global monetary system, attempts to do so along with imposing more sanctions, will lead to a further fall in the ruble and a financial crisis similar to 2008, economic analyst Michael Mross told RT.
All eyes are on the ruble this week after its spectacular crash that sparked fears of a new currency crisis in Russia, and the possibility it could spill over into Europe and put the world economy at risk.
China’s foreign minister has pledged support to Russia as it faces an economic downturn due to sanctions and a drop in oil prices. Boosting trade in yuan is a solution proposed by Beijing’s commerce minister.
German companies doing business with Russia are suffering from the weak ruble, as one in three companies will have to fire employees or cancel its projects, the managing director of the Association of German Chambers of Industry and Commerce warned.
Beppe Grillo, the leader of an Italian Eurosceptic party says he has already received 50,000 signatures for his petition to push for a referendum on Italy leaving the Euro. He cites rising unemployment and lack of economic growth for wanting to quit.
The US pursues coercive diplomacy regarding Russia and other countries, that has the appearance of diplomacy but in reality the other side has to give up its position, Executive Director of the Ron Paul Peace Institute Daniel McAdams told RT.
Russia’s economic crash, driven by the plunging price of oil and tough Western sanctions, is prompting well-off Russian investors to abandon London’s property market. Money from super-wealthy Russian oligarchs, however, continues to flow into Britain.
President Putin has not disclosed his future strategic plans during the annual Q&A since to surprise international markets one should always have an ace up the sleeve, French economist Jacque Sapir told RT.
The much-anticipated Q&A marathon by Russian President Vladimir Putin is expected to be heavy on economics and politics following major geopolitical shifts this year. RT is broadcasting it live for international audiences.