Western countries have targeted Russian banks, oligarchs and President Putin.(Reuters: Alexey Malgavko)
ABC News Australia: Russia becomes the world's most sanctioned country, surpassing Iran and North Korea
Russia has officially become the most sanctioned country in the world, surpassing Iran, Syria and North Korea, as its invasion of Ukraine nears a third week. The country has been subjected to over 5,000 crippling sanctions, according to data from Castellum.AI, 2,778 of which were introduced after February 22. In comparison, it took 10 years for Western nations to impose the same type of sanctions on Iran. Russia is now subject to more targeted sanctions than Iran, Venezuela, Myanmar and Cuba combined, according to the data. The next most sanctioned country is Iran with 3,616 targeted sanctions, followed by Syria with 2,608 sanctions and North Korea with 2,077.
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WNU Editor: Sanctions are having an immediate impact, but this is where it starts to get serious .... War in Ukraine: Russia soon unable to pay its debts, warns agency (BBC).
2 comments:
Putin Trademarks "Putin Cocktail" In Case Anyone Is Thinking Of Renaming The Molotov Cocktail. News at 11.
Bastard.
https://www.newsat11.co/post/putin-trademarks-putin-cocktail-in-case-anyone-is-thinking-of-renaming-the-molotov-cocktail
We should shortly start seeing Russia/China's fiscal counter maneuvers. I believe the report Putin requested on the sanctions is due for delivery to the Kremlin tomorrow.
https://thecradle.co/Article/columns/7672
''Moscow has not even announced its own package of counter-sanctions. Yet an official decree “On Temporary Order of Obligations to Certain Foreign Creditors,” which allows Russian companies to settle their debts in rubles, provides a hint of what’s to come.
Russian counter-measures all revolve around this new presidential decree, signed last Saturday, which economist Yevgeny Yushchuk defines as a “nuclear retaliatory landmine.”
It works like this: to pay for loans obtained from a sanctioning country exceeding 10 million rubles a month, Russian companies do not have to make a transfer. They ask for a Russian bank to open a correspondent account in rubles under the creditor’s name. Then the company transfers rubles to this account at the current exchange rate, and it’s all perfectly legal.
Payments in foreign currency only go through the Central Bank on a case-by-case basis. They must receive special permission from the Government Commission for the Control of Foreign Investment.
What this means in practice is that the bulk of the $478 billion or so in Russian foreign debt may “disappear” from the balance sheets of western banks. The equivalent in rubles will be deposited somewhere, in Russian banks; but western banks, as things stand, can’t access it.''
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