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The Russia-Ukraine war has been raging on for a year now, impacting the economies of both countries and the rest of the world. A poll by Gallup has turned in some surprising results about Russians’ perception of the domestic economy and President Vladimir Putin’s leadership.
What Happened: Two-thirds, or 66%, of Russians approved of Putin’s leadership in 2022, an increase from 50% in 2021, a survey by U.S. analytics and consultancy firm Gallup showed. Only about 21% disapproved of his leadership.
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The organization noted that Putin experienced a similar spike in approval back in 2014 when Russia invaded Crimea, which is central to the ongoing Russia-Ukraine war. Support for Putin has been remarkably higher in Southern Russia and the Northern Caucasus – two regions close to the fighting along the eastern border of Ukraine, Gallup’s survey found.
See Also: Forex Trading In Russia
Optimistic About Economy: Despite the economic setback stemming from the war and the sanctions imposed by the western nations, Russians remained largely upbeat about the domestic economy.
About 44% of the respondents surveyed between August and November said they were optimistic about the economy, as opposed to 29% who said they expect the economy to get worse.
Gallup reasoned that the resilience could be due to the western sanctions not hitting the Russian economy as hard as expected. The country is deriving some strength due to its status as a big commodity exporter, it added.
Russia’s exports to its allies such as India and China have increased during the period. Since these countries make payments in local currencies, the intended effect of the removal of Russian banks from the international finance system did not materialize.
"For the first time on record, a majority of people in every region across Russia are now satisfied with their standard of living," the report said.
Photo: Shutterstock
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.