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Was Russia’s economic miracle real?

byUkrainian media sources

15/12/2014

1 minute read

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

Was Russia’s economic miracle real?

Article by: Anatoly Vasilyev, 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, Russia “rose 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.

Translated by: A. N.

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