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The Indicator from Planet Money

The economic war against Russia, a year later

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 24 February 2023

⏱️ 9 minutes

🧾️ Download transcript

Summary

On this day one year ago, Russia launched its full-scale invasion of Ukraine. Today, we cover three indicators about the war's economic impact.

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Transcript

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0:00.0

NPR.

0:07.0

This is the indicator for Planner Money, I'm Adrian Ma, here with Deerian Woods and

0:16.0

Will & Wong.

0:17.0

Now today marks the one year anniversary of Russia's full scale invasion of Ukraine.

0:22.7

It's a milestone for a war that has raged longer than many analysts anticipated.

0:28.2

And today the US and UK announced further sanctions on Russia.

0:32.3

On a special edition of Indicators of the Week, we bring you three economic numbers that

0:36.6

help shed light on where things stand today.

0:45.3

So for Indicators of the Week with the one year anniversary of Russia's full scale invasion

0:49.6

of Ukraine, we have three metrics that show where things stand.

0:54.6

First of all, Adrian Ma.

0:56.3

So my indicator is 2.1%.

0:59.0

That is how much Russia's economy shrank last year, in part because of economic sanctions

1:03.8

imposed by the US and other allied countries.

1:07.3

And that 2.1% decrease is a lot less than what forecasters and President Biden were predicting

1:14.0

about a year ago when the sanctions were put in place.

1:16.8

This is going to impose severe cost on the Russian economy, both immediately and over time.

1:22.6

We have purposely designed these sanctions to maximize the long-term impact on Russia

1:28.3

and to minimize the impact in the United States and our allies.

1:32.1

And specifically the goal with the sanctions was to weaken Russia's ability to carry out

1:35.8

a war, right?

1:36.8

To cripple its financial system, make it harder for Russia to export stuff to the world,

...

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