Was Russia’s economic miracle real?

1998 Ruble-Hryvnia exchange rate of 3.22 hryvnia for 10 rubles. It was 2.90 hryvnias for 10 rubles last week. 


Article by: Anatoly Vasilyev, NOVY REGION
Source: Novy Region
Translated by: A. N.

The multi-year increase in the price of oil has created the illusion of an economic miracle in Russia. But was there one in reality?

Ukrainian journalist Denis Kazansky analyzed it on a simple and clear-for-all example the price of the national currency.

This is a receipt from a currency exchange branch from 1998. For 10 Rubles you got 3.22 Ukrainian Hryvnias. Since then, the price of oil skyrocketed, Russiarose from its knees,” doubled the GDP, and showed everyone who the boss is, meanwhile Ukraine collapsed, suffered from the “orange plague,” protested in the Maidan, fought a war, and froze from cold. Today, for 10 Russian Rubles you get 2.90 Ukrainian Hryvnias. So, does anyone understand where the Russian economic miracle went? ” – he asks.

Source: Novy Region
Translated by: A. N.

Enjoy reading Euromaidan Press?  Become a patron and help us reach even more international readers!

Being a patron means you care about quality independent journalism, believe in an independent and democratic Ukraine, and like to look deep. And you can also vote for future articles, suggest topics, and keep in touch with the team.

For as little as the cost of one cup of coffee a month, you can help us stay afloat and do more. 

Become a patron>>> 

Tags: , , , ,