Ruble Makes Slight Recovery but Russian Economy Remains Fragile
Published at | Updated at(MOSCOW) — The Russian ruble has bounced back a bit since last week’s disaster, but can the rally last?
On Monday, Russian deputy Prime Minister Igor Shuvalov said yes, predicting that the ruble will continue rising.
But Alexei Kudrin, Russian President Vladimir Putin’s long-standing and highly respected former finance minster, painted a much darker picture, predicting a depressing year ahead in Russia, complete with price inflation and falling standard of living.
Already, many Western products have hiked up prices or halted shipments while the ruble remains unstable. Apple’s online store is back but with much higher prices. Many foreign car makers, however, are still holding off until they know where the ruble is going.
The big question now is: How will Russians will react?
In any other country, the government would take the fall. But Russia is different.
While some in Moscow are starting to blame Putin, many Russians outside the capital still see him as the only one who can save them.
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