The contours of the coming economic crisis have only just started showing in Russia’s regions. Outside of cities where the service economy is feeling the heat already, and some industrial centers where a ban on technology imports caused disruptions, sanctions have not been very painful for most of Russia yet. But this is not a sign of a healthy economy; rather, as Central Bank chief Elvira Nabiullina warned in April, this means the worst is yet to come. As industries that rely on foreign ingredients and components run out of pre-invasion reserves, the situation will worsen.
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