Inside a prison where Russia tortured Ukrainian POWs
The Olenivka POW camp, located in the Russian-occupied part of Donetsk Oblast, was a notorious Russian-controlled prison where Ukrainian prisoners of war and civilian hostages from Mariupol have been subjected to torture. The Kyiv Independent’s War Crimes Investigations Unit will name those responsible for torturing prisoners in Olenivka.
Skip to content
Edit post

Bloomberg: Russia’s war ‘unravels’ its consumer economy worse than Covid-19 pandemic

by The Kyiv Independent news desk March 1, 2023 5:24 PM 1 min read
This audio is created with AI assistance

Despite Russian dictator Vladimir Putin’s claim that the Russian economy is expected to grow in 2023, “retail sales remain in a contraction that’s already more drawn out than its declines” during the Covid-19 pandemic, according to Bloomberg’s latest report.

Bloomberg reported the consumer sector accounts for about half of Russia's economy.

In January, retail sales in Russia shrank an estimated 10.7% from last year, “falling for a 10th straight month in a stretch longer than their crash at the height of the pandemic in 2020,” according to the report. Bloomberg also says that in December the real wages “probably fell” at the “sharpest pace in five months.”

According to the report, the downturn shows a “permanent drop” in Russia’s living standards, “similar to the impoverishment and a record stretch of shrinking retail sales in the years after the 2014 annexation of Crimea.”

“It’s a stark contrast to the resilience of an economy that endured a year of sanctions with a much shallower recession that first expected,” the report reads.

Even after sanctions, Russian economy can pay for war
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

1:26 AM

Rada's new freedom of speech chief criticizes TV marathon.

Yaroslav Yurchyshyn, the newly appointed chief of the Verkhovna Rada's Committee on Freedom of Speech, questioned the effectiveness of Ukraine's TV marathon introduced after Russia's full-scale invasion in Feb. 2022, Interfax reports.
Ukraine Daily
News from
Ukraine in your
inbox
2:16 PM

US, South Korea, Japan pledge to increase cooperation, pressure on North Korea.

U.S. National Security Advisor Jake Sullivan said that the three countries planned to increase their trilateral cooperation to create a united front against the spectrum of North Korean hostile actions towards its neighbors in the region and the larger world. In particular, the officials said that North Korea was using cyber activities to fund its nuclear program.
7:40 AM

White House: Costs of not supporting Ukraine too high to pay.

"If you think the cost of supporting Ukraine is high now, think about how high it’s going to be in national treasure and in American blood if we have to start acting on our Article Five commitments," U.S. National Security Council spokesperson John Kirby said.
3:43 AM

Russia shells 4 communities in Sumy Oblast.

Russian forces attacked four communities along the Sumy Oblast border on Dec. 8, firing 6 times over the course of the day, the Sumy Oblast military administration reported.
MORE NEWS

Editors' Picks

Enter your email to subscribe

Please, enter correct email address

Subscribe

* indicates required
* indicates required

Subscribe

* indicates required
* indicates required

Subscribe

* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.