1. Interest rates have just been increased by 200 basis points to 15% which is double the interest rate three months ago. The increase comes as Russia fights high inflation and a weak rouble caused by massive military spending as a result of the “three day special military operation” which is now coming up for its two year anniversary.
2. In the Russian republic of Dagestan, local residents invaded the local airport searching for Jews to lynch following the arrival of a plane from Israel. After police responded they were attacked by local residents. Many noted the irony given Russia claims to be clearing Ukraine of Nazis, when far right and anti-Semitic actions are common in Russia.
These events highlight the risk of a collapse in the Russian economy on the back of unsustainable war expenditure or even the collapse of the remaining Russian empire that could see ethnic republics declare independence and China invading to reclaim territory previously annexed by Russia.
