"Such a rapid devaluation of the rouble this week seems to be caused by a very risky decision to buy Rosneft's bonds," exiled Russian economist and professor of the Paris Institute for Political Sciences Sergey Guriyev writes in his article in the Financial Times.
According to the scholar, the Russian authorities, who are obviously behind the deal, have shown what they think about the oil company's interests more than about saving the collapsing economy and financial market, which is experiencing unprecedented turmoil.
The Russian economy is like a ship in a storm with no captain, Guriyev writes.
The Russian leadership is making one mistake after another. As a result, the country is facing a real economic catastrophe, the exiled researcher believes.
Der Bild also published an article devoted to the coming economic collapse of Russia. According to the author of the article, Benjamin Bidder, the Kremlin's monetary policies are fatal for the Russian economy.
The devaluation of the rouble is dangerous as it destroys the country's savings and threatens the banking system. Still the Central Bank seems unable to combat these tendencies. The recent decision to raise the key rate brought only ephemeral changes on the market and the rouble is still falling, the article reads.
Moreover, businesses are afraid that the higher bank interest rate will aggravate the ongoing crisis and slow down any economic activities in the region, the article reads.
It means that the Central Bank will have to cope with the results of the Kremlin's unwise policies, the author concludes
