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.

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

2014/12/15 • Russia

Article by: Anatoly Vasilyev, NOVY REGION

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.

Translated by: A. N.
Source: Novy Region

Tags: , , ,

  • Dean Venture

    Any miracle fled with all the foreign capitol that left the country following sanctions.

    • Michel Cloarec

      And the bad tactics of uncle Wlad

      • Dean Venture

        Agreed! Sometimes I wonder if he isn’t trying to make their economy tank. He’s been making some bizarre decisions.

        • Michel Cloarec

          I think he is indoctrinated by the russian propaganda !

  • Michel Cloarec

    Everybody were wrong ! Putin 62 in 2014 baril at 62 $ rubble in the rubbish at ?
    We must have a new joke about 2015 !

  • Don Casavant

    Are you trying to say that Vlad the Great did not create the Russian economic miracle? Are you trying to tell us that Putlier has been lying to the people in Russia? Are you telling us that Putlier is taking credit for something he did not do?
    You betcha Red Ryder!
    The easiest way to tell if Putlier is lying is to watch his lips…if his lips are moving….he is lying!

  • think

    That journalist should better mind his own buisiness.
    Russia has 500 billion dollars reserves, which can sustain its economy for at least few years so they’ll survive. Also, Putin has support of the majority of Russians (and I believe it, because even such anti-Putin figures like Navalny said, that Crimea will stay in Russia) which is very important factor.
    Ukraine, on the other hand is divided in half, its GDP has fallen at least 10%, Ukrainian reserves are less than 10 bln dollars worth and corruption in the gov. is so high, that IMF enforced a foreigner as Ukrainian minister of economy.
    Even if Obama signs the “Ukraine ‘Freedom’ Act” it won’t change anything because Ukraine has no money to pay for American weaponry. Or you’ll run into debt, and end up with second Maidan (maybe this time pro-Russian, who knows :] ).
    Anyway, good luck.

    • Hektor Uranga

      Ukraine has never boasted about being a World super power like Russia has. Putin has declared that Russians are the best of the World, the strongest of all, and that Russia must be looked upon as equal to any nation on this planet. So this chilling reality must of course be a wake-up call because Russia´s severe ongoing financial breakdown is just starting, and will come as an unwelcome surprise for those who believed those bragging fantasy stories. So as your banking savings in Rubles melt as we speak, and the national pension funds get expropriated by the Kremlin remember who is responsible for this. (tip, is not Obama).

      • Don Casavant

        I agree with most of your post! The only thing I don’t agree with is talking about Russia as a super power. Russia hasn’t been a world power for 10 or 15 years! At best Russia is only a Regional power and bully!
        You are 100% correct about Russia’s problems just starting! This is not the end, but it is the beginning of the end!

        • Hektor Uranga

          Dear Sir: I agree that Russia is not a superpower, those are just Putin´s words. Cheers!

          • Don Casavant

            Sorry, you are correct! I ms-read your post!

    • Michel Cloarec

      Who told you that (500 billions dollars) Why can´t Russia have reserves in Rubles ? ha ! ha ! Answer: Tthere are not enough wheel barrows in all the country ! With the lying academy in Russia I would guess around 200billions and it is not in cash ! To free those billions they will have to sell assets, who wants to buy russian assets today. Not the russian oligarchs, they are flying away from Putin&co. So if you are in Russia, make a reserve of cabbages, because it will be shortage soon. Only the rich one will be able to afford !
      And if they have wheelbarrows to carry the RUBBLES (it was not a mistake)
      (photo=dinner is coming)

    • Don Casavant

      Hey slick, you better check the script they gave you! The $500 billion reserves number is incorrect according to ALL the business reports. Russia only had $400 billion and that figure is not exactly correct because every country in the world, except Russia only counts “liquid” assets in their reserves. Liquid assets are hard foreign currency or gold deposits. Russia counts some stocks and bonds as part of their reserves. If you look at Russia’s reserves the way a normal country does they had less than $200 billion in reserves. The $200 billion is reserves was what they had in January of this year. According to the Russian government they have already spent $100 billion of those reserves! The truth is harder to swallow by Russian lovers but, the truth is the truth. I “think” that it is time for you to get better material! Have a nice day, slick as the Ruble hits 75 to a dollar!

      • Michel Cloarec

        It is about the same figures which I have , but that the russians do not know. How to tell them !
        It will be funny to see who is going to pay for the broken jars.
        To guess : Medvedev, aunt Nubilina , others ?

        • Don Casavant

          Michel, I did not see your post until I had answered that Troll’s post! Yes your figures are just about right!