Citizens of Russia Under 'Economic Siege,' Experts Say

Citizens of Russia Under , 'Economic Siege,' Experts Say.

CBS News reports the economic sanctions imposed on Russia in retaliation of Vladimir Putin's attempted invasion of Ukraine, .

CBS News reports the economic sanctions imposed on Russia in retaliation of Vladimir Putin's attempted invasion of Ukraine, .

Are crippling the lives of ordinary Russian citizens, and experts say the worst is yet to come.

Are crippling the lives of ordinary Russian citizens, and experts say the worst is yet to come.

Recent sanctions imposed by the United States and other allies of Ukraine have targeted the Russian Central Bank's ability to prop up the ruble, .

Recent sanctions imposed by the United States and other allies of Ukraine have targeted the Russian Central Bank's ability to prop up the ruble, .

Which has fallen nearly 30% against the United States dollar.

As news of developing sanctions reached the Russian public, social media posts relayed throngs of anxious depositors lining up to withdraw funds at banks and ATMs. As news of developing sanctions reached the Russian public, social media posts relayed throngs of anxious depositors lining up to withdraw funds at banks and ATMs. Per European officials, nearly 50% of Russia's hard currency stockpile is now frozen by sanctions.

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Authorities warned residents of Moscow over the weekend that services such as Apple Pay, Google Pay, and Samsung Pay would no longer work to cover fares for public transportation.

Experts contend the varying sanctions against Russia are akin to "an economic siege...".

If we have three weeks of what is happening today to the Russian economy, it'll be over.

, Carl Weinberg, chief economist High-Frequency Economics, via CBS News.

My gut feeling is that the Russian economy cannot survive three weeks of this without failing altogether.

, Carl Weinberg, chief economist High-Frequency Economics, via CBS News