2022 heralded a new era for Russia’s banks. Increasingly isolated from the global economy and laden with heavy Western sanctions, the sector saw profits fall by 90 percent compared to 2021. For Russia’s technocrats, the future seemed dim. Then came 2023. Russia’s Central Bank announced last week
The ruzzians are throwing away their future in a vain attempt to appear like they aren’t 90% dead, already. Even if they somehow survive, the bill for all this mad spending by the Kremlin will come due.