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Russian Rule in Crimea Celebrates First Anniversary

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A year after Russia’s takeover of Crimea sparked a wave of euphoria across the Black Sea peninsula, residents are suffering growing hardship as prices rise and many fear for the future.
Russia’s flag is flying across Crimea on the anniversary of what President Vladimir Putin calls the region’s historic “return home” after Russian troops seized control of it from Ukraine and the people backed annexation in a referendum.

Since then Putin’s popularity has soared – his face looks down from banners and is emblazoned on T-shirts – and some Crimeans, such as pensioners, say they have benefited.

But foreign investors have fled, the banking sector is paralysed and many other residents are struggling to make ends meet.

“Crimea will be a backwater of Russia. What’s good here? The prices are crazy and salaries are laughable,” grumbled 35-year-old taxi driver Nikolai, deftly negotiating potholes and rutted roads in the centre of the capital, Simferopol.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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