This archive report was first published on 8 May 2020.
Coronavirus Crisis Hits Putin's Grand Plans ¶
On May 8, 2020, Russian President Vladimir Putin was set to oversee a 90-minute military parade through Moscow's Red Square, showcasing 15,000 troops and the latest hardware. However, the coronavirus pandemic has forced the cancellation of the parade, dealing a significant blow to Putin's grand plans.
The pandemic has crippled Russia's economy, hospitalised the prime minister, and slashed Putin's approval ratings. Russians were due to cast their votes on constitutional reforms that would have paved the way for Putin to stay in power until 2036, but those plans too were scuppered by the virus.
Analyst Tatiana Stanovaya said, 'This is the first time in 20 years that Putin is facing a crisis this serious. This is a new experience for him.'
Putin's popularity has fallen to a historic low of 59 percent, according to independent pollster Levada, from 63 percent in March. The economy is under serious threat from the pandemic, which analysts say could deepen resentment towards the Kremlin.
Small businesses have struggled to survive, and millions of Russians have been left without wages, despite promises from the government to support companies and employees. Igor Nikolayev, director of the Institute for Strategic Analysis at FBK Grant Thornton, said the timing of the crisis was unfortunate as it coincided with a steep fall in the price of oil, a key export which balances the Russian budget.
Putin could well bounce back, but analyst Andrei Kolesnikov said that alone may not be enough to salvage Putin's year. 'Now he will personally accumulate all their disapproval,' Kolesnikov said.
