Russian people will feel the hit of global sanctions for years to come

The UK, US and EU have imposed wide-reaching sanctions and limitations on Russia's exports and imports since their invasion of Ukraine started

Author: Tom ClabonPublished 10th Mar 2022

Sanctions on Russia will affect their people's quality of life in the both the short and long-term.

That's according to an economics professor the University of East Anglia.

Dr Mike Brock told us ordinary people now have less money in their pockets, thanks to the invasion and this won't improve in the longer-term unless there's are changes: "The Russian ruble is around half the value that it was two weeks ago and that feeds into your everyday life and capabilities.

"If your currency is being de-valued then everything that you own and earn is, on an international scale, worth a lot less than it used to be.

"There's now certain commodities that you just can't get hold of.

"Let's say something like a service like insurance, suddenly you might not be protected. So there are lots of different ways in which economic sanctions start to filter into people's lives.

"Some of these effects happen immediately, but some of them may well be felt for many weeks and months to come potentially".

He also told us that outfits like McDonalds, Apple and Coca-Cola pulling out of the country will be costly: "Of course it affects things that they can consume, it might also affect longer term prospects of where you can get employed, what kind of businesses you well be able to visit even in the medium to long-term.

"So these great big companies do have a form of power in terms of the actions and statements that they make.

"If this continues it might well serve as a more long-standing signal that there's something particularly incorrect about the way your region operates, that further down the line might make other companies reluctant to invest in your region."

It comes as Ukraine calls for global leaders to do even more as the bombardment of their country and people continues.

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