Sanctions hit Russian economy, although Putin says otherwise

By KEN SWEET and FATIMA HUSSEIN
Associated Press

NEW YORK (AP) — Nearly two months into the Russian-Ukraine war, the Kremlin has taken extraordinary steps to blunt an economic counteroffensive from the West. While Russia can claim some symbolic victories — most notably a recovery in the ruble — the full impact of Western sanctions is starting to be felt in very real ways. Russia’s economy is facing the worst inflation in seven years, unemployment is growing, companies have shut down operations and the country is in danger of defaulting on its debt. And economists say the full effects of the sanctions have yet to be seen. Rosstat, Russia’s economic statistics agency, said inflation last month hit 17.3%, the highest level since 2002.