Sanctions Could Cripple , Russian Economy.
CNN reports as the invasion of Ukraine continues, Russian officials are hoping to avoid a financial meltdown after receiving economic sanctions
from the west over the weekend.
Upon the implementation of sanctions
from the west, Russia's ruble fell to
all-time lows against the dollar.
as Russia's central bank doubled
interest rates to 20%.
Experts suggest as its citizens flee to withdraw their deposits, the economy of Russia could shrink by nearly 5%.
Sanctions from the United States,
European Union, United Kingdom and
Canada hope to expel Russia from the
SWIFT messaging system.
Experts say expelling Russia from
SWIFT, a global financial message
service, was a move hoping to "paralyze" assets of Russia's central bank.
The ratcheting up of Western sanctions over the weekend has left Russian banks on the edge of crisis. , Liam Peach, emerging market economist Capital Economics, via CNN.
Experts say Russian President Vladimir Putin has prepared the country for such sanctions, as Russia reportedly bolsters a war chest worth nearly $630 billion.
Economic sanctions have reportedly frozen much of Putin's financial firepower.
External conditions for
the Russian economy
have drastically changed, statement from Russian central bank, via CNN