After a Long Russian Winter, A Rate Cut Will Come
(3 min read)
Russia is in the middle of a second COVID-19 wave. As of 3 December, it had 2.35 million confirmed cases, the fourth-largest number globally. The official mortality count is 28 per 100,000 people, more than twice as high as in India but much lower than in the US, UK and the most-affected EU economies. Without action, however, the situation worsens: the daily number of new COVID cases in Russia has exceeded 28,000 and is still rising.
But vaccination has started. On 2 December, President Vladimir Putin declared the beginning of mass vaccination with Sputnik V, the first of the domestically developed vaccines to pass clinical trials. According to Russia’s Direct Investment Fund, which has sponsored the vaccine’s development by the Gamaleya institute, it is 95% effective. Medical workers and teachers will receive inoculation first, starting from next week – the government has reassured the population that vaccination will be voluntary and free of charge.
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