‘Everything is going to hell’: Western sanctions cause economic chaos in Russia.
The United States and other Western nations have targeted Russia with sanctions of unprecedented breadth and severity for a major economy, and it didn’t take long for ordinary Russians to feel the damage. The Russian rouble plunged to a record low Monday. Depositors lined up at ATMs to try to withdraw their money from the embattled banking system. Cut off from Google Pay and Apple Pay, Russians were stuck at ticket booths at Metro rail lines. The Institute of International Finance foresees the Russian economy enduring a double-digit contraction this year, worse even than its 7.8% drop in the Great Recession year of 2009. And the pain could quickly spill over into other countries as well.