Russia’s War With Ukraine Is Already Costing Russian Economy
MOSCOW — President Vladimir V. Putin has ushered in a crisis for his country — in its economy and identity.
The Kremlin is hiding the reality of the country’s attack on Ukraine from its own people, even cracking down on news outlets that call it a “war.”
But the economic carnage and societal turmoil wrought by Mr. Putin’s invasion is becoming increasingly difficult to obscure.
Airlines canceled once-ubiquitous flights to Europe. The Central Bank scrambled to deliver ruble bills as the demand for cash spiked 58-fold. Economists warned of more inflation, greater capital flight and slower growth; and the S&P credit rating agency downgraded Russia to “junk” status.
The emphasis on hiding the war’s true extent was a sign that the Kremlin fears that Russians would disapprove of a violent, full-scale invasion of Ukraine, a country where many millions of Russians have relatives and friends.
Even so, more public figures with…
