That’s how hard the sanctions are hitting Putin’s economy

Riga Sergei Belov, deputy chairman of the Russian central bank, proudly holds the new 100-ruble note for the camera in Moscow last week. But the freshly printed banknotes with the patriotic motifs will not come into circulation any time soon. Bank customers cannot withdraw the new note, which is worth about 1.55 euros, because the machine software cannot be updated. The reason: the international manufacturers have turned their backs on Russia.

The new 100-ruble note symbolizes the dilemma of the Russian economy: at first glance, the situation seems surprisingly relaxed despite international sanctions, the supermarket shelves are full, local transport works, the ruble is stronger than before, despite the current devaluation The sanctions come into force – and Moscow appears calm to the outside world. Underneath, however, a mixed situation is simmering that will damage the Russian economy for decades, experts believe.