Today, I’m going to elaborate on a post
that got a lot of attention recently on our Facebook page:
Russia’s role in propagating the Ukraine Crisis has caused the United States and the European Union to slap it with crippling sanctions
against Russian senior officials and businesses. Limitations on trade and the transfer of capital between Russia and its Western partners have severely restricted the flow of capital in the Russian economy.
Moreover, the US’ booming fracking industry has gutted the international supply of oil. In order to keep up with the US and maintain their positions in the global oil market, OPEC members, led by Saudi Arabia, have upped their oil production
as well. All this overproduction has created an oversupply of oil that has consequently driven down oil prices and drastically reduced the revenue Russia earns from its energy export-dependent economy.
|A sad Putin
So Russia is sliding into economic decline, but why does political support for Putin remain high amidst the economic downturn?
To truly understand the average Russian’s mindset, we have to examine the historical. political, and social frameworks that have shaped their way of life and observing the world.
Stay tuned for more!