Ukraine has put Russian shopping sprees on pause.
Sergey Bobylev/Sergey Bobylev/REUTERS
Vladimir Putin’s bloodthirstiness has dealt a fresh blow to his country’s financial crisis.
Russian clothing brand Posh Style is among many brands suspending deliveries and pausing production after Ukrainian drone attacks destroyed warehouses and disrupted manufacturing, its owner Alsu Sharafetdinov tells Forbes Russia.
The disruption comes as Russia is set to begin its week-long Black Friday sales across the country. As a result, Russians will likely have fewer deals throughout the holiday season—and likely spend less.
Smoke billows from the burning Wildberries warehouses following a Ukrainian drone attack, August 16.
Additionally, several stores and franchises told Forbes Russia that they lacked the funds or products to offer discounts.
This marks a huge blow to the country’s already-strained economy. Just two months ago, it was reported that Russians are pulling billions from their banks over fears Putin will grab their money to fund his never-ending war with Ukraine.
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Total capital flight this year could reach double the amount drained during the initial wave after the 2022 invasion, according to Sberbank senior executive Taras Skvortsov.
“Drones are flying. Things are burning down,” a former finance official told The Washington Post. “Nervousness is growing. And people’s everyday wisdom may be kicking in that they need to have cash under their pillow and not somewhere in banks where it may never be returned.”
Nearing five years of war, Ukrainian counter-offensives are now reaching deep inside Russia, targeting commerce and energy infrastructure that could put sales seasons at risk. In August, Ukraine launched an armada of drones at Russia that set fire to a Wildberries facility, killing six people.
Wildberries is seen as Russia’s equivalent to Amazon. It has been a consistent target of Kyiv and has had billions of dollars worth of merchandise destroyed in drone strikes.
This is just the latest in a string of war mishaps for Putin, who recently proposed a meeting next month with Donald Trump and China’s Xi Jinping.
Trump has a warm relationship with the dictator.
Andrew Harnik/Getty Images
Putin raised the idea of a three-way summit during a phone call with Trump on Oct. 9, according to a former Russian intelligence officer. During the same call, Trump agreed to the controversial move to allow Russia to export diesel to global markets in a desperate bid to ease the global oil crisis ahead of the midterms.
If Trump agrees to partake in the summit, Putin reportedly plans to negotiate a favorable end to the war—without Ukrainian President Volodymyr Zelensky, sources told The Wall Street Journal.
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