Russian spokesperson, Dmitry Peskov claims the West has declared an Economic War against Russia

Moscow: – Dmitry Peskov, the spokesman of the Russian government, confessed that the West has declared an economic war against Russia and it is absolutely unprecedented. The economic war has delivered a massive jolt to the Russian economy. Hence, it is difficult to predict the future. The United States and its allies have imposed sanctions against all the Russian sectors, including fuel. The results are becoming apparent and the confessions by Peskov only endorse them.

Two weeks have been completed for the Russia-Ukraine war. Russia has increased the intensity of the attacks and has gained control over many Ukrainian cities. The United States and its allies are making frantic efforts to stop Russia and the sanctions are being used as an aggressive weapon. The United States and its allies have been showering sanctions on Russia for the last two weeks. Fuel sector, the mainstay of the Russian economy, has been targeted along with finance, banking, investment, space and technology sectors.

The effects are becoming visible in the Russian economy. The Russian currency has reached a record low. Last week, Ruble’s exchange rate to a USD was less than 80 Rubles to 1 USD, which has reached 120 rubles to 1 USD. The inflation in Russia has gained 9% and the rates for products imported from other countries have gone up by 10% to 50%. A major decline has been recorded in the Russian economy and foreign financial institutions have warned that Russia may default on repayments of loans.

The statements made by the Russian government spokesman seem to be a confession to this situation. Peskov has said that it is difficult to predict the future of the Russian economy and has indicated that the coming times will be difficult. But at the same time, a warning has also been issued that Russia will retaliate against the economic war started by the westerners. Russian President Vladimir Putin has issued a special ordinance on Tuesday night banning the export of important and sensitive materials. The Russian ruling party has proposed the nationalisation of the foreign companies that have left Russia. Andrei Turchak, a senior leader of the ruling party, shared this information.

Turchak justified the proposal regarding the foreign companies in suggestive words ‘This is indeed an extreme step. But we will not tolerate backstabbing. A real war is being fought and we will take action as per the rules of the war.’ Some countries trading with Russia have proposed dealing in local currencies, including Turkey, a NATO member. Whereas the Chinese companies have decided to continue their investments in Russia.