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Western countries have introduced a package of sweeping economic sanctions to punish Vladimir Putin for his invasion of Ukraine. Many of these measures have targeted Russia's financial sector and its major banks, cutting them off from capital markets in the West. Others have focused on individuals close to the Kremlin, as well as major industries in the energy and technology sectors.

The results of this unprecedented action have caused economic turmoil in Russia, causing panic among ordinary people.

An Express.co.uk source in Russia said there were queues at shops, as retailers had to keep changing prices due to the collapsing ruble.

They added: "My friend said she couldn’t renew her work contract today, money she saved is now worth nothing and everyone is panicking."

The new sanctions have caused the national currency to plummet in value.

The ruble initially slumped by 30 percent on Monday before easing back to stand 20 percent down.

The ruble's crash forced the Russian Bank to double interest rates to 20 percent.

The collapsing value of the ruble erodes the currency's buying power and could wipe out the savings of ordinary Russians.

Reports were also emerging that banks were starting to run out of money, as people desperately tried to withdraw cash.

William Legate posted on Twitter: "Russian banks are starting to run out of money."

He added a photo of an ATM which displayed the message: "Sorry, no money in such currency.”

Sberbank, Russia's largest bank and where most Russians have an account, said it had experienced “significant outflows of deposits in a very short time.”

Chris Weafer, chief executive at consultancy firm Micro-Advisory and based in Moscow, told the BBC: "This set of sanctions is hitting ordinary Russians to an extent that previous sanctions have not and people are now becoming aware of that.

"People are a lot more fearful.

"There is already talk about some companies having to either go on reduced working hours, or even suspend production because they're not able to access maybe key parts from the West due to sanctions or due to trade limitations, so there's a great deal of concern on the street."

The scenes brought back memories of the economic turmoil at the beginning of the 1990s, when Boris Yeltsin introduced his market economic reforms.

These initially led to spiralling inflation that destroyed people's savings.

In the first year of the reforms, retail prices in Russia increased by a staggering 2,520 percent.

Russia was again rocked by economic woes in 1998, when it had to devalue its currency and default on its debt in the wake of the Asian financial crisis.

Many private banks went bankrupt and again people lost their savings.

Dmitry Peskov, the Kremlin spokesman, tried to reassure the public that things would calm down and get better.

He said: "These are heavy sanctions, they're problematic, but Russia has the necessary potential to compensate the damage from these sanctions."

I already have deriv account. If u can contact me I will be glad. 080,3447,5520....

That's making Ukraine a puppet.

Under normal circumstances, zelenzeky and Putin are both president, how does Putin want his fellow president to feel after stripping him of those powers?

Ukraine would've postponed this war diplomatically, 'cos she is not ripe yet to go to war with Russia. Ukraine is fighting a defensive war. Since it started on Thursday, has Ukraine being able to fire a rocket/missile into Russia?. Has any infrastructure in Russia suffered any blast? If not, Ukraine should pls submit and plan themselves better, my prayer is with them though.

Russian President, Vladimir Putin has laid out his conditions for stopping the ongoing war with Ukraine.[/b][b]

Russian forces have shelled Ukraine’s second city and Western nations are preparing even more sanctions.

A peace talk was held between Moscow and Kyiv in the Belarusian borders on Monday, being the first meeting since last Thursday when the war broke out.

The meeting ended with both sides merely agreeing to hold a second round of negotiations “soon”.

However, the Russian leader was able to pass the message on the only conditions under which he would consider withdrawing his troops from the neighbouring country during a phone conversation with France President, Emmanuel Macron on Monday.

“Putin stressed that a settlement is possible only if Russia’s legitimate security interests are unconditionally taken into account, including the recognition of Russian sovereignty over Crimea, the demilitarisation and denazification of the Ukrainian State and ensuring its neutral status,” CNN quoted a Russian statement via UK medium, PA News agency after the telephone conversation between the two leaders.

The war started on Thursday when President Putin ordered the invasion of Ukraine over some political reasons.

Even as the dialogue was underway on Monday, at least 11 people were killed by Russian attacks in Ukraine’s second largest city of Kharkiv.

Monitoring spirit

NaijaCowFarm:
This one carry Ukraine and Russia matter for head like Gala. Even common passport people like this no get.

ADVANCED CULTISM

Igbofam:
Ukrainian President Volodymyr Zelenskiy on Monday said he had signed an official request for Ukraine to join the European Union.

Zelenskiy has asked the European Union to allow Ukraine to gain membership immediately under a special procedure as it defends itself from invasion by Russian forces.

https://www.reuters.com/world/europe/ukrainian-president-signs-formal-request-join-european-union-2022-02-28/

Meaning?

South Africa, India, Europe and many countries evacuated their citizens, when it's comes showing love its citizens, Nigerian government always give flimsy excuses. Lack of value of life.

Stenewiser:
as it stands, which country Don evacute it citizens, Nigerians are just bent on insulting their government, blaming the government for their poverty where as some people are still making it big in the same country, buying cars and building houses everyday, even the Bible said they poor will be amongst you, think straight so that you won't be the poor the Bible was referring to.

Now that the govt of Ukraine is unable to protect it's citizens; can they protect foreigners. My prayer is with them.

Off point

Offpoint1:
Let WW3 breakout, let all the mad world powers release their Nuclear Warheads, let the world ends.... WE are tired.

08034475520

Guy have a look at cowrywise in my signature. You good option there.

Where thugs are leaders, this and the worst are what to expect.

ijustdey:
http://saharareporters.com/2022/02/17/delta-community-chairman-rapes-12-year-old-girl-gunpoint

Ahhh, no no no, I reject.

Kwanza:
https://m.facebook.com/story.php?story_fbid=4749171031841866&id=100002470489894

Only in the south, the moment I read the first part of the heading, I knew it happened in the south.

timtunday:
added.http://saharareporters.com/2022/01/25/soldiers-set-trucks-conveying-illegal-products-abia-fire

This really make sense as I am once a victim.

Donvic4u:
You are still saying the same thing na..

Study yourself (psychology)
Study your pair (charts)
Study market (chart)

So you still said the same thing

Waooh

Women get time eeh!!

Is this for REAL or PHOTOSHOPED ??

Unseen jobs

If real jobs exists, it would have catch your attention. But �.

Cm21:
Are you are a forex trader or Newbie, Drop your WhatsApp number for a profitable trading bot.

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Wahala.
Automatic shrinking.

Other countries have been using brain, we are up now!

Kaluemma:
I still buy your used laptop here

I have 2 to sell. Location Asaba Delta State

Zuze

LegendVibes:
https://m.facebook.com/story.php?story_fbid=963643060924535&id=100018365516807

Previous thread: https://www.nairaland.com/6877971/delta-man-set-wed-two

Not WEDDING
but Traditional Marriage

08034475520