2022 heralded a new era for Russia’s banks. Increasingly isolated from the global economy and laden with heavy Western sanctions, the sector saw profits fall by 90 percent compared to 2021. For Russia’s technocrats, the future seemed dim. Then came 2023. Russia’s Central Bank announced last week

2022 heralded a new era for Russia’s banks. Increasingly isolated from the global economy and laden with heavy Western sanctions, the sector saw profits fall by 90 percent compared to 2021. For Russia’s technocrats, the future seemed dim. Then came 2023. Russia’s Central Bank announced last week

  • brothershamus
    2•9 months ago

    The nature of Russia’s wartime government means that there’s no guarantee that the Central Bank’s figures are completely accurate. Large swathes of data are no longer made public, while government departments have a clear incentive to present a picture rosier than reality.

    The article goes on to suggest the “bumper year” was due to Putin dumping a lot of gold into the banks to make numbers go up. “state spending”.

    Propaganda works. This is straight-up restaurant-quality propaganda with no proof and no way to prove the claim. Are we actually going to believe the russian economy is booming? The fuck? No. Did China slip a few billion in the ol’ Putin hat for good measure? Sure, maybe, why not. Are they just straight-up cooking the books for the clicks? Very likely. Booming economy? HAHAha - no.