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How prepared is Russia against economic sanctions? #Shorts
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How prepared is Russia against economic sanctions?
After Russia annexed Crimea in 2014, Western sanctions contributed to a financial crisis. Since then, it has tried to make its economy sanction-proof.
Russia has massively reduced its reliance on the US dollar and tried to replace Western imports by producing more of its own food and increasing trade with China.
It's also built up a huge stockpile of gold and foreign currency reserves, totalling around 630 billion dollars.
The idea is that Moscow could use these reserves to buy its own currency, preventing the rouble from collapsing in value.
However, many of the reserves are held in securities, which Russia would have to sell before it could actually use the currency. Western nations have frozen a huge chunk of Russia's assets, making them effectively useless.
Russia may look to China for finance, but there are doubts over whether Beijing will be willing to risk facing sanctions of its own.
While Russia has prepared for sanctions, it may not have expected so much so quickly. If maintained for a prolonged period, the Russian economy may be in serious trouble.
Check out the Shorts playlist for more videos like this!
Subscribe for more videos looking at everything to do with the subject of economics. Put suggestions for video ideas in the comments section below and any feedback offered would be greatly appreciated.
After Russia annexed Crimea in 2014, Western sanctions contributed to a financial crisis. Since then, it has tried to make its economy sanction-proof.
Russia has massively reduced its reliance on the US dollar and tried to replace Western imports by producing more of its own food and increasing trade with China.
It's also built up a huge stockpile of gold and foreign currency reserves, totalling around 630 billion dollars.
The idea is that Moscow could use these reserves to buy its own currency, preventing the rouble from collapsing in value.
However, many of the reserves are held in securities, which Russia would have to sell before it could actually use the currency. Western nations have frozen a huge chunk of Russia's assets, making them effectively useless.
Russia may look to China for finance, but there are doubts over whether Beijing will be willing to risk facing sanctions of its own.
While Russia has prepared for sanctions, it may not have expected so much so quickly. If maintained for a prolonged period, the Russian economy may be in serious trouble.
Check out the Shorts playlist for more videos like this!
Subscribe for more videos looking at everything to do with the subject of economics. Put suggestions for video ideas in the comments section below and any feedback offered would be greatly appreciated.
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