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Palestinian sources: Several displaced Palestinians were reportedly injured after being targeted by occupation forces while waiting for aid west of Rafah
Israeli media: A senior European Union official hinted that 'Israel' would be held accountable for violating international law in Gaza
Al-Qassam Brigades spokesperson Abu Obeida: The losses incurred by the occupation today in Khan Younis and Jabalia are an extension of a series of top-tier operations
Al Mayadeen's correspondent in South Lebanon: The invading Israeli force is digging a trench and erecting earthen berms, amid detected activity suggesting preparations to install espionage equipment
Al Mayadeen's correspondent in South Lebanon: An Israeli force breaches the "technical fence" in the Wazzani area
Israeli media: 4 Israeli soldiers killed in the Gaza Strip
Gaza Government Media Office: Starved citizens are tempted to head to American-Israeli centers and then are deliberately shot
Gaza Government Media Office: The toll at US-Israeli aid distribution centers is as follows: 110 martyred, 583 wounded, and 9 missing
Gaza Government Media Office: 8 starved civilians were killed and 61 others were injured by the gunfire of Israeli occupation forces and an American security company in Rafah
Al Mayadeen's correspondent: Three martyrs, injured in Israeli drone strike on phone charging station west of Khan Younis, southern Gaza.

Russian economy showing signs of resiliency - Bloomberg

  • By Al Mayadeen English
  • Source: Bloomberg
  • 7 Jul 2022 14:13
  • 1 Shares
3 Min Read

Western sanctions are failing in containing the Russian economy.

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  • Signs of resiliency shown by the Russian economy
    Signs of resiliency shown by the Russian economy

Western economic forecasters did not anticipate Russia's economy to show signs of improvement with the many sanctions imposed by EU and US. Russia has managed to prevent the collapse of its currency and continues to benefit from the surge in hydrocarbon prices.

Their intent was to “punish Russia. Assets were frozen, and companies were punished. But they failed,” said Russian President Vladimir Putin on Friday, June 17, during the Economic Forum of Saint Petersburg, once considered a symbol of openness to commercial relations with the West.

Since the beginning of the war on February 24, 2022, the US and the EU have multiplied punitive measures to isolate Russia by targeting its banking system, freezing the assets of its leaders, and its industries.

Acknowledging certain difficulties, in particular on the issue of inflation which reached a peak of 17.8% in May, Vladimir Putin asserts that the involvement of businesses and the authorities has today made it possible to "stabilize the financial situation and economy" of the country. In the West, however, many observers claim that the worst is yet to come for Moscow.

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EU split over Russian gas comeback in war talks: FT

At the beginning of March, a week after the start of the Russian war with Ukraine, the ruble had fallen to its historic low against the dollar and the euro - a consequence of the announcement of the first Western sanctions, in particular, the freezing of the reserves of the Russian Central Bank held abroad.

In the event of a crisis, money held in foreign currencies can be used by a country to boost the value of its own currency, which the United States and Europe wanted to avoid in the case of Russia. But the Russian Central Bank managed to counter this measure by massively raising its interest rates to 20% and imposing drastic capital controls on companies as well as on its citizens.

Since then, the price of the ruble has risen sharply, to the point of reaching, on Monday June 20, its highest level for almost seven years against the dollar on the Moscow Stock Exchange (55.44 rubles for one dollar).

Another key factor explaining the rise of the rouble is the sale of hydrocarbons, which alone constitutes more than 60% of the country's exports.

Forced by sanctions to drastically reduce its import volumes, Russia continued to sell its oil and gas massively for export, which "contributed to the demand for rubles" on the international market, says economist Julien Vercueil.

“We are not at the level of stress that we had assumed for 2022,” Rosbank economist Evgeny Koshelev told sources. “We should expect better trends because both budget and monetary policies are overall stimulative.”

  • Russian oil
  • US sanctions on Russia
  • Russian economy
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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It may well be due to the longstanding relationship between MI6 and HTS, via Inter Mediate, that Britain was the first Western country to recognise their assumption of government in Syria. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

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