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Russia counts economic cost of Crimea intervention
Agence France-Presse ^ | March 30, 2014 | Stuart Williams

Posted on 03/30/2014 2:57:46 PM PDT by Berlin_Freeper

Moscow (AFP) - Russia has started counting the cost of seizing Crimea from Ukraine to its already stuttering economy, anxiously hoping that the West will refrain from implementing a second wave of sanctions that would cause even greater damage.

Moscow, already excluded from the G8, is planning for at least economic semi-isolation from the world for the next years with President Vladimir Putin this week saying Russia should create its own credit card system.

Western sanctions have so far only imposed visa bans and asset freezes on senior officials -- some close to Putin -- but the fear of further action hurting the wider economy is already causing damage with the stock market down 6 percent in March.

The most immediate hit has been on capital outflows which are estimated by economists and officials to have surged to $60-70 billion for the first quarter, more than for all of 2013 combined, as investors took fright at the uncertainty.

Russian Economy Minister Alexei Ulyukayev last week became the first top official to admit the Crimea intervention would badly hit GDP, slashing to ribbons the government's previous 2014 growth estimate of 2.5 percent.

He said growth would be a measly 0.6 percent in 2014 if capital flight was around $100 billion for the full year, a figure that some economists see as wildly optimistic given the current trends.

The economy would contract by 1.8 percent if capital flight reached $150 billion for the year due to a projected eight percent decline in investment, he added, echoing a prediction by the World Bank.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Foreign Affairs; Russia
KEYWORDS: ukraine

1 posted on 03/30/2014 2:57:47 PM PDT by Berlin_Freeper
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To: Berlin_Freeper

A lot of wishful thinking going on in the West these days about Russia.


2 posted on 03/30/2014 2:58:50 PM PDT by Timber Rattler (Just say NO! to RINOS and the GOP-E)
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To: Timber Rattler
Russian Economy Minister Alexei Ulyukayev last week became the first top official to admit the Crimea intervention would badly hit GDP
3 posted on 03/30/2014 3:03:24 PM PDT by Berlin_Freeper
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To: Berlin_Freeper

Even if there is some economic downturn in Russia, what happened in Crimea will not be reversed. Also over the long term given its vast resources, the economic outlook is better for the average Russian than the average Frenchman, Italian Spaniard and possibly Briton.


4 posted on 03/30/2014 3:09:48 PM PDT by allendale
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To: Berlin_Freeper; Timber Rattler; Army Air Corps; GeronL; allendale; cripplecreek
Short Term Loss for Long Term Gain.

The Battle of Tsushima, it Cost the Japanese Many Sailors their lives, but look what it won their country.

An Epic Victory and an Empire that would last another Half Century.

Putin Gets the Black Sea port Firmly under his control.

Now, with that Said, we can make the Russians Hurt from this. If we had a Thinking American in charge, this would be the final wake up call for Drilling for our NatGas and other Fossil Fuels. This should be the Harbinger for a new American Energy Renaissance, a rally point for Domestic Energy.

I will Call it the Cruz-Palin Doctrine.

What we have now is the Ubama Doctrine of Playing Civilization 3 with your Government set to Communist. While Putin is Playing Global Thermonuclear War and we see who is winning.

5 posted on 03/30/2014 3:15:01 PM PDT by KC_Lion (Build the America you want to live in at your address, and keep looking up.- Sarah Palin)
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To: KC_Lion
What we have now is the Ubama Doctrine of Playing Civilization 3 with your Government set to Communist.

*SNORT* *Chortle*
6 posted on 03/30/2014 3:21:24 PM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: Berlin_Freeper
What a LOAD of rotten caviar.
Putin probably knew to the KOPEK what the "war" would cost.

It's nothing but a load of Putin бык дерьмо!!

7 posted on 03/30/2014 3:27:12 PM PDT by cloudmountain
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To: Timber Rattler
A lot of wishful thinking going on in the West these days about Russia.

A lot of wishful thinking going on on FRee Republic by the Putin crotch sniffers.

8 posted on 03/30/2014 3:31:18 PM PDT by FredZarguna (Das ist nicht nur nicht richtig, es ist nicht einmal falsch!)
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To: Berlin_Freeper

What cost? Cheapest land grab, with access to a warm-water port, the Russians could have ever claimed. So they did a little chicanery to gain effective political control of the Crimea, is that different than what goes on in a lot of elections right here in the US, where Chicago hijacks the rest of Illinois?? Or Seattle hijacks the rest of the state of Washington?? Or LA and San Francisco hijack the rest of California??

Ineligible voters, fraudulent vote counts, physical occupation of the premises when the votes seem to be going against the True Way, including intimidation of the duly elected representatives already in place??

Nothing to see here, folks, just doing business, doncha know.


9 posted on 03/30/2014 3:31:25 PM PDT by alloysteel (Obamacare - Death and Taxes now available online. One-stop shopping at its best!)
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To: allendale

Right. Because a country full of drunks with nothing to offer the world but natural resources is going to be so prosperous any day now...


10 posted on 03/30/2014 3:33:13 PM PDT by FredZarguna (Das ist nicht nur nicht richtig, es ist nicht einmal falsch!)
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To: allendale

Let’s see if they can raise their male life expectancy from the pathetic 64 years of age they get now towards the European 80 years before we start talking about how great things are or are going to be for the average Russian.


11 posted on 03/30/2014 3:35:35 PM PDT by Natufian (t)
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To: Berlin_Freeper

Russia controls a lot of energy, but the USA controls the worlds’ financial system. It will be an interesting stand-off.


12 posted on 03/30/2014 3:37:47 PM PDT by PGR88
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To: Timber Rattler

Maybe they will try printing money. Worked for US.


13 posted on 03/30/2014 3:40:27 PM PDT by The_Media_never_lie (The media must be defeated any way it can be done.)
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To: Berlin_Freeper

Russia’s GDP is only twice what we spend on the worthless federal Department of Education and we have twice their population.


14 posted on 03/30/2014 4:10:31 PM PDT by gura (If Allah is so great, why does he need fat sexually confused fanboys to do his dirty work? -iowahawk)
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To: Berlin_Freeper

For all those who listen to too much MSM about Russia is getting ready to invade the Ukraine. I’m still chuckling. They probably broke the bank bringing troops to the border although NBC sent a news crew over there and couldn’t find any. :-)


15 posted on 03/30/2014 4:36:41 PM PDT by Georgia Girl 2 (The only purpose o f a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Berlin_Freeper

Remember AFP is socialist France and in this instance is unable to distinguish cost from investment.

Crimea is not an expense but a capital assset


16 posted on 03/30/2014 4:39:32 PM PDT by bert ((K.E. N.P. N.C. +12 ..... History is a process, not an event)
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To: FredZarguna
Right. Because a country full of drunks with nothing to offer the world but natural resources is going to be so prosperous any day now...

Yeah, those natural resources (oil, natural gas, timber, coal, wildlife, precious metals, etc.) are oh so piddly...

17 posted on 03/30/2014 5:15:45 PM PDT by Timber Rattler (Just say NO! to RINOS and the GOP-E)
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To: Timber Rattler

It takes a handful of people to extract those resources, which is why there are like 20 Russian multi-billionaires, including Vlad The Inhaler, and everyone else is a drunk.


18 posted on 03/30/2014 5:24:15 PM PDT by FredZarguna (Das ist nicht nur nicht richtig, es ist nicht einmal falsch!)
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To: Berlin_Freeper

Ban the importation of Russian vodka. The Russian producers probably have as much influence with Putin as any business sector.


19 posted on 03/30/2014 6:17:56 PM PDT by SeaHawkFan
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To: SeaHawkFan
Ban the importation of Russian vodka.

Polish Wódka is better anyway.

20 posted on 03/30/2014 6:18:45 PM PDT by dfwgator
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To: FredZarguna

Last time I checked, the Russians actually have a manned space program, while the U.S. does not.


21 posted on 03/30/2014 6:36:37 PM PDT by Timber Rattler (Just say NO! to RINOS and the GOP-E)
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To: Timber Rattler

And maybe in 20 years, that program will be at the same level of technology the US program was when it was killed by a shortsighted politician.


22 posted on 03/30/2014 7:15:22 PM PDT by FredZarguna (Das ist nicht nur nicht richtig, es ist nicht einmal falsch!)
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To: FredZarguna
Right. Because a country full of drunks with nothing to offer the world but natural resources is going to be so prosperous any day now...

Right, because moronic over-simplifications and stereotypes are so much better than applying actual thought.

Russia has exceptional metallurgists, engineers, physicists, has about half of the globe's nuclear arsenal (8500 to our 7700... the other 8 Nuclear Club members total only 1100 weapons all together), a space program, etc etc etc. Dismissing a huge nation that has (or recently had) super-power status, while they have a motivated old-school leader, and while their primary opposition is a weak little quisling like Obama, is very short-sighted. Georgia was the beginning. Nobody blinked. Crimea is now the test of the West... and we have now all seen zero indication that anyone in the world will do anything but talk if Putin decides to go around snapping up real estate. The only limit on them now is Putin's ambition.

23 posted on 03/31/2014 4:46:19 AM PDT by Teacher317 (We have now sunk to a depth at which restatement of the obvious is the first duty of intelligent men)
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To: Teacher317

Russia also has an age mortality of 50 something.

Russia was given the opportunity to be China and blew it. The Slav mentality is incapable of emerging into the present. Somehow even though there are flashes of brilliance, dullness prevails.

If ever, it will be 50 years at least for Russia to catch up to the current present.


24 posted on 03/31/2014 4:56:01 AM PDT by bert ((K.E. N.P. N.C. +12 ..... History is a process, not an event)
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