Putin has downplayed the impact of Western sanctions, saying they 'will all lead to an increase in our independence.'
"In terms of the government, the problem is that they're silent about the economy," Enikolopov told"The first reaction for many of them—because they grew up in the Soviet Union, so that's the mentality they have—is price controls and things like that. They might work temporarily, but in the long run, it's a disaster for the economy," the Russian economist said.
"It's really hard to even imagine what the government can do. In some senses they're hostage to this situation," the economist explained."All the main events are completely unrelated to the government's decisions." Moody's, another financial services company, downgraded Russia's rating as well."This rating action follows the further significant weakening of Russia's credit profile as captured by the downgrade to C with a negative outlook of the sovereign rating on 6 March 2022. The sovereign action is driven by severe concerns around Russia's willingness and ability to pay its obligations," the company said in a statement about the decision.
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