Russian channel critical of Putin facing financial crunch due to Western sanctions

The sanctions imposed by the Western world on Russia may not have deterred President Vladimir Putin from stopping his Ukraine invasion but the voices that are challenging him are certainly facing the heat. TV channel Dozhd, also known as TV Rain, widely recognised as one of the very few remaining Russian channels critical of Putin is facing heavy losses due to sanctions.

Vera Krichevskaya, one of the co-founders said the channel was losing anywhere between $1 million to $1.5 million per year in potential revenue due to sanctions on its YouTube channel.

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Notably, after the Russian invasion, Google-owned YouTube suspended all monetisation programmes for users in Russia. The decision was taken after advertisements were already suspended in the country.

About 65 per centof TV Rain’s audience is in Russia but with no revenue coming from them, the channel has to rely onnon-Russia-based audience for advertising income.

Krichevskaya said she had been in touch with executives from Google and YouTube to persuade them to relax the rules but so far, no progress had been made.

“I found it very strange that when the west goes on about the importance of freedom of speech and western European values, a company like Google has no flexibility,"Krichevskaya was quoted as saying by The Guardian.

“They give us zero income and zero profit on Russian audiences, making it near impossible to operate.”

The channel was forced to leave Russia after the Putin administration accused it of broadcasting false information about the war. Since then, it had been operating from Lativa until the authorisation was revoked by the country's media watchdog.

However, inJanuary this year,the Netherlands granted a five-year broadcasting licence to the channel.

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The game of sanctions

The US Treasury and State Departments sanctioned nearly 120 targets, including Russian, Chinese, UAE and Turkish firms to squeeze Moscow for its ongoing war with Ukraine.

While the likes of TV Rain face economic hardships, the US is also inflicting self-harm due to the sanctions. Earlier this week, US Treasury Secretary Janet Yellen, without naming Russia said economic sanctions imposed on countries had put the dollar's dominance at stake.

ALSO READ | US dollar may lose its dominance if nations are sanctioned, warns Treasury Secretary Janet Yellen

As the US continues to plaster sanctions willy-nilly, targeted nations are seeking alternatives which puts the USD in jeopardy.

"There is a risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar," Yellen was quoted as saying by CNN.

(With inputs from agencies)

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