Russia experiencing recession NOW, says the IMF

Russia is "experiencing recession now" because of damage caused by the Ukraine crisis, the International Monetary Fund (IMF) has said.

The fund, which cut its growth forecast for Russia, said $100bn (£59bn) would leave the country this year.

Antonio Spilimbergo, the IMF's mission chief in Moscow, said international sanctions were damaging the economy and threatening investment.

Russia's economy contracted in the first three months of this year.

But Mr Spilimbergo said he expected that to continue.

"If you understand by recession two quarters of negative economic growth, then Russia is experiencing recession now," he added.

"The difficult situation and especially the uncertainty surrounding the geopolitical situation... and escalation

Russia experiencing recession NOW, says the IMF

Junk status

Credit ratings agency Standard & Poor's has already cut Russia's rating to one notch above "junk" status. And last week Russia's central bank raised its key interest rate from 7% to 7.5% in an effort to defend the value of the rouble, which has lost more than 8% against the dollar so far this year.

Fantastic job Mr Putin

I wonder what will happen when the EU sources gas and oil elsewhere to which so much of Russia's economy realise upon...

IMO, This could get real bad for Russia

Thoughts ATS?

As bad as NK sanctions that cause there own people to go cannibal? They still will not bow.

If Russia's resolve is as strong, it wont end well.

It amazes me just how passive Ukrainians can be they are literally being bullied in their own city.

Ukraine crisis: Striving for 'normality' in Sloviansk


He said that his business has suffered since the town was overrun by pro-Russian activists. "I get at least two times fewer requests. Nobody comes to the main square anymore. Nobody actually goes into town, only if it is absolutely necessary," he said.

Accused of spying
Most of Vitaliy's friends prefer to get out of Sloviansk for the time being, and weather the crisis with relatives in surrounding villages or even Ukraine's other provinces. But he has nowhere to go.

Alexey - a trader at the city market - says that many shop and store owners have simply stopped trading. He has sent his mother to her home village and is thinking of moving there himself.

It is not difficult to see why he and others want to leave. The people of Sloviansk are living under a curfew - locals say that the pro-Russian activists have banned anyone from going out on the streets after 11.30pm.

www.bbc.com...

originally posted by: shaneslaughta
As bad as NK sanctions that cause there own people to go cannibal? They still will not bow.

If Russia's resolve is as strong, it wont end well.

You're probably correct... The break up of the Soviet Union changed nothing, and Russia will be Russia and North Korea North Korea, there hatred for the west has unite them, we can only hope by the time Russia resembles North Korea that the Star Wars program is up and running where ballistic missile threats is but a thing of the past, if it isn't already

Its really only just begun.

Just two days after US President Barack Obama introduced the White House’s latest attempt to reprimand Moscow for its role in the Ukrainian ordeal, 19 senators introduced legislation on Wednesday described by Reuters as being broader and tougher than anything put in place yet by the administration.

Tougher sanctions on Russia will eventually result in destabilization of the area and raise tensions. Once Putin feels the tension it will hopefully make him wise up. Either that or force his hand and play the cards he is holding.

RT

Edit: Either

originally posted by: shaneslaughta
Its really only just begun.

Just two days after US President Barack Obama introduced the White House’s latest attempt to reprimand Moscow for its role in the Ukrainian ordeal, 19 senators introduced legislation on Wednesday described by Reuters as being broader and tougher than anything put in place yet by the administration.

Tougher sanctions on Russia will eventually result in destabilization of the area and raise tensions. Once Putin feels the tension it will hopefully make him wise up. Either that or force his hand and play the cards he is holding.

RT

Edit: Either

I honestly think NATO the US Western world .... Wants Russia to invade the East of Ukraine, justify And creating a much bigger round of economy killing sanctions

I also don't think Russia wants to take the East of Ukraine, but just wants to destabilise and turn it into a wasteland/buffer zone as revenge on the Ukrainian people in this messy divorce

I think Putins played his hand, he's just refusing to part with his losses

I can see this landing Russia in dapper recession and eventually a lot of very important deals with the EU

As Ukraine fizzles out, I think anti Putin rallies will be grabbing all the attention

Isn't a recession when a country has experienced a downturn for TWO consecutive quarters?

a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Russian having a downturn for 3 months isn't a recession, this is just the Americans (IMF) trying their hardest to accelerate Russia's Woes.

In the last few weeks Russian Stocks have actually increased, slightly (after a very turbulent trading period!)

a reply to: Agit8dChop

Really?

The Russian index has fallen by 13.5% since the start of the year, as investors worry about the cost of a full-fledged military confrontation.

Cnn Money

a reply to: shaneslaughta

re-read my post

'' in the last FEW WEEKS ''

yes its down in 12 months, but in the last few weeks it has not dropped, but ever so slightly increased

.. do you want a picture?

So what?are we going to bankrupt ourselves bankrupting Russia?
Have some sense....

a reply to: Agit8dChop

Start of the year is not 12 months...... its barely 5.

originally posted by: stirling
So what?are we going to bankrupt ourselves bankrupting Russia?
Have some sense....

Who are you replying too?

a reply to: shaneslaughta

?

Ill speak slower.

In the last few weeks (7days x 3 = 21 days) that Russian stock market has edged higher.
Meaning its higher today than it was 3 weeks ago.

In the last 12 months (52 weeks) the stock market is lower.

indexq.org...

a reply to: stirling

Hard to re-bankrupt an already bankrupted nation.

originally posted by: Agit8dChop
a reply to: shaneslaughta

?

Ill speak slower.

In the last few weeks (7days x 3 = 21 days) that Russian stock market has edged higher.
Meaning its higher today than it was 3 weeks ago.

In the last 12 months (52 weeks) the stock market is lower.

indexq.org...

STOP being condescending.

Read my post and my link!

Then read it again.

I never said anything about a recession or a time frame.

a reply to: Agit8dChop

Here is a picture for you.



www.tradingeconomics.com...

Maybe you cant see the trend?

The only thing i actually agree with you on is that its not a recession!

Furthermore.....

None of the 17 companies targeted by the US sanctions trades its stock on exchanges and only two of seven Russian officials listed by the US Treasury Department are directly connected to the Russian economy: Rostec CEO Sergey Chemezov and Rosneft CEO Igor Sechin.

RIA

You will not see any direct market fluctuations from the sanctions. It will all be incurred second hand.

All of Putin's losses will be reversed next winter when he doubles the price, if not triples the price of natural gas to Europe.

Sorry about the thread OP. I didn't mean to take it over on you.

sell their raws to China instead of EU, problem solved, enjoy Economic growth for the coming 1000 years