Russian economy taking 'serious blows,' Kremlin Spokesperson says
Russian economy taking 'serious blows,' Kremlin Spokesperson says

The Russian economy is taking “serious blows,” the Kremlin Spokesperson Dmitry Peskov admitted on Wednesday.

The country’s growing isolation piles further pressure on its tottering financial system, CNN Business reported.

Apple (AAPL), ExxonMobil (XOM), Ford (F), Boeing (BA) and Airbus (EADSF) joined a list of companies shutting down or suspending their operations in Russia in response to its invasion of Ukraine and ensuing Western sanctions, and the European arm of Russia’s biggest bank collapsed following a run on its deposits. The ruble weakened again to trade at 112 to the US dollar.

“Russia’s economy is experiencing serious blows,” Peskov said in a call with foreign journalists. “But there is a certain margin of safety, there is potential, there are some plans, work is underway.”

Peskov was responding to a question about US President Joe Biden’s remark in his State of the Union speech that the Russian economy had been left “reeling” from sanctions.