Moscow lights up at night with St. Basil's Cathedral, right, and the Kremlin clock tower, left. (Photo by Terri Colby/Chicago Tribune/TNS) *** Please Use Credit from Credit Field ***
Cruising the waterways of the czars in surprising, sprawling Russia
MOSCOW (77WABC) — The Kremlin admits Russia’s economy is in a state of shock due to heavy sanctions imposed by the U.S and its allies because of Russia’s invasion of Ukraine.
The Russian government says efforts are being made to minimize the impacts on their economy.
“Our economy is experiencing a shock impact now and there are negative consequences; they will be minimised,” Kremlin spokesperson Dmitry Peskov told reporters on press call, Reuters reported. “This is absolutely unprecedented. The economic war that has started against our country has never taken place before. So it is very hard to forecast anything.”
Russian President Vladimir Putin has said that economic sanctions on Russia are “akin to a declaration of war.”
President Joe Biden announced a ban on Russian energy imports earlier this week, targeting one of Moscow’s largest sources of income. European countries have so far held back from announcing similar actions, though the EU announced it would be moving to cut its natural gas imports from Russia by two-thirds this year.
