Russian President Vladimir Putin announced fresh initiatives on Wednesday to help Russian citizens cope with rising costs, unemployment, and supply challenges linked to sanctions. This is just one of the few aspects of what is Russia’s sanctions survival plan that we could see in action in the next few months.
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The United States and its allies have responded harshly to the commencement of the military operation in Ukraine, imposing historic sanctions on Russia in attempt to disrupt the country's economy and put pressure on Moscow to halt the crisis.
The country's financial system, oil exports, and foreign exchange reserves have all been targeted among the several sanctions placed on it in the last month. Hard circumstances, on the other hand, necessitate quick responses, and Russia has come up with some.
National payment system Mir takes over for SWIFT
The SWIFT global financial communication system has been disconnected from major Russian banks, thus deprivin...