Russia Economy Worsens Even Before Sanctions Hit. Margarita
R. Zobnina, a professor of marketing here, has been watching the
Russian economy’s gathering woes with mounting alarm: friends who have
moved abroad with no plans to return; others who put off new business
ventures because of rising uncertainty. Meanwhile, Ms. Zobnina and her
husband, Alexander, also a professor, have rented a safe deposit box to
hold foreign cash as a hedge against the declining ruble.
Most
shocking, she says, is that her local grocery is now selling anchovies
packed in sunflower oil rather than olive oil, an obvious response to
the soaring cost of imports. “That really freaks me out,” she said.