Putin Signs Emergency Law To Use “Rainy-Day” Money

(TheLibertyRevolution.com)- In the wake of the implementation of sweeping economic sanctions on Russia from the United States and Europe, including the blocking of the importation of oil and natural gas to the United States from Russia, President Vladimir Putin has signed a new law that instructs the National Wealth Fund to purchase OFZ government bonds and stocks.

The move was announced by the Russian RIA news agency on Wednesday. Russian President Vladimir Putin also signed additional laws designed to enable a “capital amnesty” that encourages people to return money or other financial instruments to Russia without any tax penalties.

Putin is making moves to mitigate the damaging effect that sanctions are having on his country’s economy, as Russians lien up to withdraw cash from ATMs and the country facing the likelihood of one of the worst recessions in decades.

In February, the Russian Ministry of Finance said that the United States government was prohibiting participation in the secondary market for Russian government bonds, adding that they were monitoring the financial market situation in the country.

Russia hasn’t faced financial woes like this since 1998, and President Putin is now faced with the difficult choice between continuing his hugely unpopular war against Ukraine – which his fighters are struggling to win – and withdrawing his troops in the hope that the West will withdraw the sanctions.