Unpacking Russia's Economy
Two years ago Russia banned imports of some foreign foods, a retaliation against western sanctions. Has it boosted domestic production and can Russia bounce back from recession?
Russia's economy became mired in sanctions back in 2014. First it was those from the West as a result of Russia's involvement in the Ukraine conflict. Then, exactly two years ago this week, Russia fired back with sanctions of its own. The idea was partly to boost domestic agriculture by replacing foreign imports with Russian ones. It has helped some local cheese-makers. But many consumers are not happy with the loss of foreign goods and general spike in food prices.
We also look at the wider economic crash in Russia's economy, with the help of two experts - Alex Nice, an analyst with the Economics Intelligence Unit, and Bill Browder, CEO and a co-founder of the investment fund, Hermitage Capital Management. He was once Russia's most prominent foreign investor before falling out with President Vladimir Putin, and fleeing into exile in 2006. He is doubtful about any predictions of an economic recovery in Russia, as long as the current government remains in power.
(Photo: Vladimir Putin depicted on a traditional Russian doll. Credit: Getty Images)