Russia's central bank raised interest rates for the third time this year to combat the eight percent inflation rate Russia is suffering. Russia's stock market has fallen more than seven percent this year.
Will this cost Putin popular support in Russia? There are already some signs that not all Russians support Putin's actions, with the front-page apology for the shooting down of Malaysian Airlines Flight 17 that was printed in Novaya Gazeta. Of course, it is the same paper for which four reporters have been assassinated since 2001 for their coverage of Russia's bloody and ruthless war in Chechnya and their criticism of Putin.
The main problem is that Europe is dependent on Russia for oil and gas, and they're afraid to impose the hardest-hitting sanctions against Russia. France and England are now bickering over who's being soft on Russian, with Cameron criticizing France for selling warships to Russia and Hollande accusing England of being a haven for Russian oligarchs.
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