Financial and Economic Sanctions Begin to Bite With the Shock of More to Come

Only a few days ago Russian financier Andrei Movchan was breezily dismissive of sanctions, having seen what British Prime Minister Boris Johnson served up as hors d’oeuvres. He evidently thought he was safe. Now he sees through the glass darkly with Russia’s future as “Venezuela with Missiles”. Others have been more specific. All goods about to be shipped to Russia are being diverted or turned back, whether at the Polish border or from the USA. Orders are being summarily cancelled. It will not be long before shortages appear in Moscow’s shops: “back to the USSR” but with accentuated inflation. Symptomatic of the looming crisis is that one newspaper, Komsomol’skaya pravda, carries an entire column of advice for those doing business as to the impact of the third round of EU financial and economic sanctions. One specialist assessment of the macroeconomic impact adds to the funeral pyre: “An important consequence is that Russia will increasingly find itself in international isolation with growing dependence on China.” But it is reported that Chinese banks are now nervous of lending because of their dependence on major American banks. Intensified globalisation has actually made financial and economic sanctions more meaningful.

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“Санкции на руку руководству России” – финансист Андрей Мовчан 


Наира Давлашян  •  Последние обновления: 23/02/2022

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