The misjudgment of President Vladimir Putin in his invasion of Ukraine is returning as a boomerang to Russia. This is because the logistics of the ‘economic aorta’ were clogged and the Russians also suffered damage.
The New York Times reported on the 21st (local time), citing Russian news agency TASS, that Russian transport minister Vitali Saveliev said that the western sanctions had virtually destroyed logistics in the country.
Sabeliev told Russian officials that new logistics routes must be found, including a north-south route through Astrakhan and the Caspian ports of Olya and Makhachkala.
Russia is said to be looking for a logistics route in Asia after the West imposed sanctions on Ukraine.
Russia’s economy is said to be in serious trouble due to western sanctions following the invasion of Ukraine.
Russia’s finance ministry officials say they expect the country to suffer its worst recession in decades, though not publicly disclosed, according to Bloomberg News.
A recent survey by the Russian bank Otkritiye found that 58% of Russians had seen a shortage of food in their stores. About 33% went on hoarding.
According to the Levada Center, an independent Russian polling agency, more than eight out of ten Russians said it was difficult to buy expensive goods and difficult to borrow. Consumer sentiment has contracted to its worst level in more than 10 years.
Automobile sales in April this year also fell by 80% compared to the same period last year.
Even if the Russian people suffer, it’s unclear whether Putin will stop the invasion.
According to the Washington Post, President Putin called 37 Russian tycoons to the Kremlin on the day of the invasion on February 24, this year, and ordered them to prepare for an economic blow.
There are also reports that Putin sees the invasion as a confrontation with the West for the survival of the country and does not care about the economic cost.
[최기성 매경닷컴 기자]
[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]