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Transcript/ScriptUSSIAN ENERGY ECONOMY
HEADLINE: Russia Braces for Effects of Energy Export Losses
TEASER: Inflation, recession, and frozen reserves are among the consequences Moscow faces as Europe finds ways to end reliance on Russian oil and gas.
PUBLISHED AT: Thursday, 05/05/2022 at: 1:47 pm
BYLINE: VOA Moscow Bureau
CONTRIBUTOR:
DATELINE: Moscow
VIDEOGRAPHER: Ricardo Marquina. DO NOT PUBLISH NAME, Agency
VIDEO EDITOR: Ricardo Marquina
PRODUCER: Henry Hernandez
SCRIPT EDITORS: LR, MAS
VIDEO SOURCE (S): VOA, REUTERS
PLATFORMS (mark with X): WEB __ TV _X_ RADIO __
TRT: 2:18
VID APPROVED BY: BR
TYPE: TVPKG
EDITOR NOTES: English narration by Elizabeth Cherneff. Do not publish Ricardo Marquina’s name for security reasons.))
((INTRO)) [[The international sanctions imposed on Russia for the invasion of Ukraine have opened a new front in the Ukraine conflict, an economic one. Moscow is now trying to curb inflation and maintain the value of its currency, the ruble, while European countries are discussing the possibility of stopping their purchase of Russian hydrocarbons. Elizabeth Cherneff narrates this report from the VOA Moscow bureau.]]
((NARRATOR))
The economic sanctions imposed by Western countries on Russia have disrupted trade and frozen about half of Russia's state gold and foreign exchange reserves, putting the country in a very difficult economic position.
Analysts say supply shortages will start affecting Russian industry in the coming months.
For now, the Russian government has managed to stop the fall of its currency, the ruble, something that analysts say Moscow is using as a propaganda tool for national consumption.
[[RADIO VERSION: Agnia Grigas is a Washington-based energy and political risk analyst who has written several books on Russian politics and energy.]]
((Agnia Grigas, Energy & Political Risk Analyst (FEMALE IN ENGLISH - ORIGINAL VOA - SKYPE))
((Mandatory Skype))
“Well, first of all, Russia is trying to go around the sanctions in terms of the international banking sanctions and it is also trying to prop up the ruble. Apart from it, I think it is also an effort to show the domestic Russian public by Vladimir Putin that he is still in control, that he can make the Ruble a desirable currency because let us remember, the ruble fell by dramatically and that he can still set the terms.”
((NARRATOR))
Russian banking authorities, under intense pressure since Russia invaded Ukraine, have warned - from the outset – of difficulties to come: a scenario of inflation and shortages that could intensify in the coming months.
((Elvira Nabiullina, Russian Central Bank Governor (FEMALE IN RUSSIAN) (REUTERS)
"In case of a negative scenario where inflation will stop slowing down and start growing, our monetary policy will aim to slow it down."
((NARRATOR))
Europe’s efforts to end its dependence on Russian energy imports poses a big risk for Moscow. Only recently considered impossible, ending that dependence is now closer than ever to becoming a reality.
[[RADIO VERSION: That’s the assessment of analysts like Agnia Grigas.]]
((Agnia Grigas, Energy & Political Risk Expert - FEMALE IN ENGLISH ORIGINAL VOA - SKYPE))
((Mandatory Skype))
“I think they can phase out Russian gas in a year or two. I think that it is certainly feasible for every country within the European Union and for a lot of countries, it is feasible to make that decision.”
((NARRATOR))
Russian actions in Ukraine have caused it to be politically ostracized by other countries. The following months will determine if Moscow also becomes economically isolated.
((For the VOA Moscow Bureau, Elizabeth Cherneff, VOA News.))
NewsML Media TopicsArts, Culture, Entertainment and Media
NetworkVOA
Location (dateline)Moscow
Embargo DateMay 5, 2022 16:05 EDT
Byline((For the VOA Moscow Bureau, Elizabeth Cherneff,
VOA News.))
Brand / Language ServiceVoice of America - English
