Russia's Second Wave Raises Risk of Economic Scars
Russia is grappling with a fresh wave of coronavirus infections. It’s time for a better economic cure.
Working from home in Moscow.
Photographer: Andrey Rudakov/BloombergRussia has done better than expected in the face of a pandemic and unprecedented oil crisis. That relative stability masks weaknesses that will impede its ability to recover fast, even if it can limit the cost of a second wave.
Coronavirus cases are surging again: Russia reported nearly 11,000 new infections on Monday, the most since mid-May. Only around a third were in Moscow. Officials are hoping lockdowns can still be lighter than last time to limit economic pain. Experience, though, suggests that could also draw out the human and financial damage. This, at a time when fading fiscal support, lackluster oil prices, protectionism and geopolitical ructions further darkens unimpressive long-term prospects.