STORY BY SINDY SALMERON
Since the Invasion of Russia to Ukraine many brands have responded with the decision to pull out from Russia which means that it will damage the economy of Russia and its citizens.
According to Yale School of Management, almost 400 companies have withdrawn from Russia. The Washington Post also reported last week that Hotel brands like Marriott, Hilton, and IHG had said that they will put future projects on hold.
Russia’s War on Ukraine has caused a lot of suffering, reduced cities to rubble, and killed many civilians. The war, however, has placed Russia’s Economy on edge. “Never before has an economy with the global importance of Russia been targeted with sanctions at this level according to analysts” reported CNN.
The price of this war could be dire and the future doesn’t seem bright if Russia continues to attack Ukraine. This war has already placed Russia on the verge of Bankruptcy according to The Economic Times.
The Economic Times has also reported that Rating agencies had forecast that if sanctions are maintained Russia will soon be unable to pay its creditors, which could result in massive long-term economic consequences.
Putin must realize that as the war continues the downfall of his economy will too. Putin has to acknowledge that his war has led nowhere but destruction on both sides. But most importantly he needs to think about what kind of future he wants for Russia.
According to CNBC, Putin’s invasion of Ukraine will set Russia’s economy back by at least 30 years close to old Soviet Union times.
It’s clear that Putin is wrecking Ukraine along with Russian society, as CNN Journalist Nic Roberts, who has covered Russia for over three decades put it Putin “is condemning Russians to an Isolation they didn’t necessarily choose” and that Isolation has put Russians in a tough situation.
There have been reports from the New York Times and Aljazeera that tens of thousands of Russians have fled since Russia invaded Ukraine.
According to BBC News” One estimated by a Russian economist “suggests that “as many as 200,000 Russians have left their country since the start of the war.”
It’s clear that the invasion of Ukraine is putting Russia’s Economy on the brink of a financial collapse yet Putin is not showing any signs of backing up. He is hurting his own people and innocent individuals from both sides are dying but he doesn’t seem to care.