RIA Novosti: Western sanctions increase Russians’ fears over economy – poll

File Photo of Cash, Coins, Line Graph

(RIA Novosti – Moscow, October 23, 2014) Russians have become more worried about the state of their country’s financial system after the introduction of Western sanctions, but at the same time the economic situation has not yet compelled Russians to massively change their spending behaviour, according to research conducted in October by Russia’s National Agency for Financial Studies [NAFI].

“Over half of Russians (52 per cent) think the introduction of sanctions by the nations of the West is having a negative effect on the country’s financial system, and is precipitating a financial crisis in the country,” the agency’s press release said. At the same time, according to a similar poll conducted in May of this year, just 31 per cent of citizens doubted the stability of the domestic economy and resilience of its financial system.

The crisis is worrying citizens of the capital most of all; two-thirds of Muscovites (69 per cent) are sure that Western sanctions could inflict serious damage on the financial stability of Russia. Residents of the Siberian (61 per cent) and North Western (45 per cent) federal districts are also worried about the activities of the West.

The proportion of Russians declining to use some or other financial services due to sanctions rose from 1 per cent in May to 7 per cent [in October], and in Moscow this figure was significantly higher at 17 per cent. There also occurred a particularly strong growth (from 2 to 20 per cent) in the number of citizens thinking about whether to change their financial behaviour, but not having yet done so.

NAFI notes that the economic situation as a whole has not influenced Russians; a large proportion of the country’s residents (70 per cent) have in no way altered their consumer habits. Among Muscovites that figure is 61 per cent. “Nonetheless, every tenth (11 per cent) questioned has started buying more cheaper products or product brands and about as many (9 per cent) cut the amount they buy,” the Agency said.

Four per cent of Russian citizens have started to save money or increase the sums they invest or save. At the same time, an insignificant number of citizens (3 per cent) have decided not to complete major purchases (for example cars or apartments) and a similar number have decided not to go on trips abroad.

 

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