Putin’s Russia faces ‘incredible poverty’, warns ex-IMF chief – latest updates

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By Chris Price

Jan 20, 2023

Russia’s people face “incredible poverty” following Western sanctions in response to Vladimir Putin’s war in Ukraine according to the former chief economist of the International Monetary Fund.

Harvard professor Kenneth Rogoff said the country is headed towards being a new Cuba, Venezuela or “a giant Iran”.

Mr Rogoff also said the West needs to think about imposing secondary sanctions on the Kremlin.

He said: “If Russia escalates, what are we doing? We need to be ready. They need to know that is coming.”

In all 39 countries are imposing sanctions on Russia, with the country also facing a cap on the price of its oil from the G7 nations and the EU.

Mr Rogoff said sanctions alone are not enough to win the war but said “you have to stay the course”.

He acknowledged that “getting regime change is hard”, citing the examples of Cuba, Venezuela and Iran, but said “that is where Russia is headed”. 

He added: “Will there be regime change. I hope so.”

At the same event, Valdis Dombrovskis, European commissioner for trade, said: “We need to stay the course [on sanctions]. 

“Sanctions are working. Russia’s economy was in recession last year and is going to be in an even deeper recession this year.”

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5 comments

  1. Extreme poverty won’t affect the mafialand leaders, they don’t care about the russian public. The russian public will believe any shit that comes out of the Kremlin anyway, they deserve to starve, the whole 140 million of them. They all support this terrorism, let them suffer the consequences.

  2. For some time, the direction taken by Moscow appears FAR more like fractious Kim’s North Korea.
    Iran’s present rulers, though “holier than thou” as Putin very openly spuriously CLAIMS to be, actually believe themselves.
    It’s true that the human trend lately has been to lop what heads they dislike in the moment, no matter, in the Ayatollies’ case (If you don’t have Jamaican slang, you missed the barb) the heads are their very women and children (and I would tend to prescribe a woman or two who would lay waste to those incels, or whatever they are in Iran).

    Having resided in zones here and there with high poverty, as presently imposed by siloviks, I CAN report that all morality tends to disappear, and theft & open robbery become social norm.

    That those in Kremlin have lived their entire lives – most appear over 70 or more, as cheap hooligans (a word I have almost exclusively heard used by Russians – хулиганы – though they eagerly cribbed it from their Hated “Anglo-saxon” British, who have quite the multiculture, in contrast to mere criminal gang as governance).

    Some lesson may be contained: Perhaps I should cease using pejoratives, as Russian “leadership” CONTINUALLY proves that one becomes what they most excoriate.

    So, ‘bye, my sweeties.

  3. Why is the IMF warning? This is welcome news. As a matter of fact, the mafia economy can’t sink fast or low enough. Let the shithole starve. Only then will it finally give up on its imperialistic, inhumane attitude.

What is your opinion?