Russians feel pain of sanctions as prices spike

Ordinary Russians have started feeling the pinch of Western sanctions imposed over the war in Ukraine, with prices of everyday goods skyrocketing and pharmacies running out of medicine.

The World Bank's chief economist for Europe and Central Asia Asli Demirguc-Kunt told The Straits Times: "Households are expected to be impacted by the crisis via four channels - limited access to goods and services (either because of inflation, shortages or even rationing), falling labour incomes and job losses, asset price falls, and migrant workers via falling remittances."