The video discusses the economic impact of the ongoing war in Ukraine, which has had significant repercussions on Russia. The speaker explains that the war has led to a severe economic crisis in Russia, with the Ruble crashing and long lines forming at ATMs as people struggle to access their money.
The speaker mentions that many foreign companies, including tech giants like Microsoft and Apple, and clothing brands like H&M and Puma, have suspended their operations in Russia. This has left many Russians unable to access these products and services.
The speaker also discusses the impact of sanctions on Russia. These include the blocking of Russian banks by payment processing networks like Visa and Mastercard, and the seizure of foreign exchange reserves by Western countries.
The speaker explains that the Russian stock market has been closed for a week due to fears of a major crash. He also mentions that the Russian currency, the Ruble, is losing value rapidly.
The speaker concludes by discussing how the economic crisis is affecting the citizens of Russia. Many people are hoarding electronic items like laptops and smartphones, as these are the assets whose value isn't depreciating. The speaker predicts that the standard of living for average Russians will fall in the near future, and many people will be pushed into poverty.
The speaker emphasizes the importance of understanding the economic impact of wars and the factors that lead to inflation. He suggests watching another video he made on the topic for a detailed explanation.
1. The war in Ukraine has led to economic instability in Russia.
2. The Russian Ruble has experienced significant depreciation.
3. Long queues are forming outside ATMs in Russia due to cash shortages.
4. Many Russians dealing with foreign countries are not receiving their salaries.
5. The Russian economy is facing severe inflation.
6. Western sanctions are impacting Russia's economy significantly.
7. A 30% loss in value has been seen in the Ruble.
8. Many Russians are worried about their income stability.
9. Major companies like Microsoft, Apple, Samsung, HP, Intel have stopped new sales in Russia.
10. McDonald's has suspended business in Russia.
11. Western businesses are shutting down in Russia, with most who can leaving the country.
12. Netflix has pulled out of Russia, and TikTok won't allow posts by Russian users.
13. A study by the Centre for Economic Recovery estimates that Russia has incurred expenses of $7 billion for the first four days of the war.
14. The study also predicts that the cost could rise to $20 billion per day as the war continues.
15. Russia's taxpayers' money is being used to fight the war.
16. 33 countries have closed their airspace for Russian airplanes, affecting Russian aircraft's ability to enter their airspace.
17. Airbus and Boeing have said they would stop sending spare parts to Russia and suspend their operations in Russia.
18. Major clothing companies and car manufacturers like H&M, Puma, BMW, Volkswagen, Mercedes, Jaguar, Toyota, and Honda have suspended their operations in Russia.
19. Major companies like Ikea and Airbnb have closed down all their stores in Russia.
20. Netflix has made it impossible for Russians to sign up for new accounts.
21. Big tech companies like Apple and Microsoft have said they would stop selling their products in Russia.
22. The oil giants BP and Exxon Mobil have also pulled out their investments from Russia.
23. The two most powerful bodies of football, FIFA and UEFA, have suspended the Russian team from all international soccer events.
24. Visa and Mastercard have decided to block Russian banks, affecting 74% of payment transactions in Russia.
25. The international payment transfer companies Remitly and Wise have also suspended their Russian operations.
26. The Russian stock market has been closed since Russia invaded Ukraine, fearing a major crash when they reopen.
27. The Russian banks have been cut off from the SWIFT system, meaning they can't accept money from international sources nor can they send money.
28. Russia's central bank maintains reserves in US Dollar, and America and other countries have frozen these dollar reserves.
29. The properties and private planes of Russian billionaires are being seized by Western governments.
30. Flight bans are imposed on the Russian oligarchs, preventing them from traveling outside Russia.
31. The European countries are looking for alternatives to cut off their dependency on Russia for oil and gas.
32. The Russian Ruble's value is decreasing rapidly, causing high inflation and fears of hyperinflation.
33. The common citizens of Russia are hoarding electronic items like laptops and smartphones as their value isn't depreciating.
34. The standard of living of an average Russian would fall in the near future due to this situation.
35. The war in Ukraine is being fought in Ukraine, but it is causing significant economic hardships for the common Russian people.