Economist: Russians to fully feel the impact of sanctions by summer

The sanctions imposed on Russia have had a significant impact on the country's economic condition, but their full impact will be felt by the summer of this year, according to Natalia Zubarevich, Professor at the Department of Economic and Social Geography of Russia of the Faculty of Geography of Moscow State University.

According to Report, the economist spoke about the already existing changes in the Russian economy: “Problems against the backdrop of the imposed sanctions are just beginning. All enterprises that work with imported components will be affected. All had stocks that will run out around April-May. Restrictive measures will also affect the engineering sector. However, so far this is all very little, because everyone had stocks. The automotive industry has also undergone changes due to the withdrawal of companies from the Russian market."

Zubarevich noted that Russian citizens are likely to feel a rise in the unemployment rate by the summer: “So far, it’s impossible to say anything about unemployment, because people are not fired, but sent on vacation and paid part of their salary. Its level will also increase by the summer, because according to the labor code in Russia they can leave people employed and pay them the tariff part of the salary for at least three months.