End of the road for Putin as Russians face economic point of no return

As stated in a previous article four days ago, the invasion of Ukraine by Russian president Putin and his soldiers will have an impact on the economy of the concerned nations should more countries join the fray. As it is in the diplomatic world, an invasion of a small country by a powerful country is viewed as an act of injustice and as a result, other countries join their voices in support of the small country. The largest weapon being used against the oppressive nation is economic pressure. In this case, Russia is on the receiving end from the rest of the world as the invasion is viewed as a terrorist act.

Russia is considered as a country that has economic resources and global influence, therefore, the best measure to quash this ego and stop Putin from further penetration into Ukraine would be economic sanctions. And that's what the world’s economic powerhouse in the form of the European Union is working to strangle the Russian superpower and force it to move out of Ukraine.

Presently, America and the European Union have placed Russia on economic sanctions, along with a travel ban on Russian officials and citizens and freezing of Russian assets in the countries that have chosen to turn up the economic heat. The European Union has said that the travel ban will also apply to the family members of the officials, as well as to the members of the Russian Armed Forces.

The concern now is how this affects the innocent citizens of the country. Since the sanction have been put into effect, major international financial services have blocked their operation in the country. Banks have found it hard to withdraw funds from the country, and many in the country are now deprived of life essentials such as food and other commodities. To make matter worse there is not enough cash in the local banks to service the needs of the people. This has further increased the problems of the people and in the medium term, if the sanctions are not lifted soon, it may spell doom for the population of the country.

According to a report on BBC news, Russians can no longer pay for Netflix and Spotify with their bank cards, they also can no longer access Apple pay or Google pay. Worst still, according to the report, Russian cardholders cannot even pay their credit card bill through major online merchants like Amazon. In essence, people in the affected countries are unable to enjoy the financial benefits that the internet has to offer. Streaming videos and music services have been restricted in Russia. In a way, this is very saddening.

Moreover, not a single drop of Russian oil, natural gas, and other resources have found their way into the EU since the sanction begin. This has led to a devaluation of the Russian national currency and the ruble is falling every day. At this point, the real value of the Russian currency is not helping the situation as it continues to drop, hitting a new low in the past four days.

This is a point of no return for Putin and the Russian economy as he has nothing to sell. The ability of Russia to continue to support its economic commitments is dwindling by the day. Putin’s plan of reaching out to other countries may be a pipe dream, hence, the better for him to choose the path that leads to the earliest exit out of Ukraine and start rebuilding his shattered economy and no longer allow the world to view him as a superpower, but the aggressor.

Why do people start a war without thinking about the effects it may have on their people and economy? Whether a war is won or lost, there is always something for you to lose. Putin's ego has taken him and his nation to a point of no return, and the quicker he realizes his mistake and pulls out of Ukraine, the better.

It is hoped that the international community will not leave Ukraine to its fate. At this moment, Ukraine is too busy trying to secure its existence and that of its people. The world is with Ukraine and her people.

This is an opinionated article and should be considered such with no strings attached.