The Russian economy is taking "serious blows"

https://www.cnn.com/2022/03/02/business/russia-markets-economy-sberbank/index.html London/Moscow (CNN Business)The Russian economy is taking "serious blows," the Kremlin acknowledged Wednesday, as the country's growing isolation piles further pressure on its tottering financial system. Apple (AAPL), ExxonMobil (XOM), Ford, (F) Boeing (BA) and Airbus (EADSY)joined a list of companies shutting down or suspending their operations in Russia in response to its invasion of Ukraine and ensuing Western sanctions, and the European arm of Russia's biggest bank collapsed following a run on its deposits. The ruble weakened again to trade at 113 to the US dollar, and shares in Russian companies listed overseas crashed. "Russia's economy is experiencing serious blows," Kremlin spokesman Dmitry Peskov said in a call with foreign journalists. "But there is a certain margin of safety, there is potential, there are some plans, work is underway."