Varney: Russia’s economy is paralyzed
US companies sever ties with Russia amid war in Ukraine
FOX Business host Stuart Varney calls Russia an 'economic catastrophe' as Putin's war in Ukraine rages on.
In his latest "My Take," "Varney & Co." host Stuart Varney breaks down Russia's "paralyzed economy" as the country's citizens and oligarchs feel the consequences of Putin's war in Ukraine.
STUART VARNEY: Let’s spell out just how bad it is in Putin's Russia.
We complain about inflation and shortages here, but over there it’s an economic catastrophe which is not going away.
Think about that: you're Russian, and suddenly your finances crash because of a war you weren't told about, and which you're not allowed to object to! And no relief in sight.
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Long lines at ATMs. They're running short of cash.
And the rubles you can get are virtually worthless.
Imports are drying up, and that includes medicines.
Everything you buy that’s imported costs a lot more if it's available.
Visa, MasterCard and American Express cards don't work.
You can't wire money.
Popular stores, shutting down.
Rampant inflation.
And if you're rich, with money overseas, forget it – your assets are frozen.
In short, Russia's economy is largely paralyzed.
The sanctions were supposed to restrain Russia. That didn't work. Now the sanctions are punishment. Putin has put the world through the wringer, and the world wants revenge. Those sanctions are not going away.
Unless, unless, Putin goes.
I'll leave it at that.