Russia-Ukraine War News Updates: The municipal council in Moscow’s Khamovniki district condemned Russia’s invasion of Ukraine as insane and unjustified, adding that their ‘economy was going to hell’.
Amunicipal council in Moscow’s Khamovniki district has condemned Russian President Putin’s invasion of Ukraine as “insane” and “unjustified”, according to reports.
“Our economy is going to hell,” the municipal council said.
Since Russia attacked Ukraine on February 24, the Western nations have imposed several sanctions on Moscow in an attempt to halt the continuous onslaught in Ukraine.
By Monday afternoon, the ruble had plummeted and Russians stood in ATM lines for hours as inflation fears exploded. The UK, the US, and the EU, also cut off major Russian banks from financial markets in the West, prohibiting dealings with the central bank, state-owned investment funds and the finance ministry.
In response to the imposed sanctions, Russia said it had the resources to ride it out. Additionally, the Kremlin on Monday said Russia’s economic reality had changed but saw no reason to doubt the effectiveness and reliability of the central bank, which hiked interest rates to 20 per cent as it sought to shield the economy from unprecedented Western sanctions.
Putin also barred its citizens from transferring money outside of Russia, including for debt payments. Moscow’s stock market, which saw heavy losses last week, is to be closed for a third day today.
The civic body’s criticism comes amid the worsening situation in war-hit Ukraine, as bombing continued in Kharkiv and the capital, Kyiv, with Russian troops advancing deeper into the country.
