Nations in the European Union approved an embargo on Russian coal and closed the bloc’s ports to Russian vessels as part of a fifth round of sanctions following allegations of Russian soldiers executing civilians in Ukraine. The French EU Council presidency said in a series of tweets on April 8 that the latest “very substantial…
Europe Adopts ‘Substantial’ Fifth Round of Sanctions Against Russia, Blocks Coal Imports
April 8, 2022
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Washington Tightens Sanctions Against World’s Biggest Diamond Miner in Russia
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has expanded sanctions on Russian company Alrosa, a state-owned enterprise that is the world’s largest producer of rough diamonds. “All transactions ordinarily incident and necessary to the wind down of transactions involving Public Joint Stock Company Alrosa or any entity in which Alrosa owns, directly…
Russia Sanctions All 228 Australian Federal MPs, Senators
Russia’s Ministry of Foreign Affairs is imposing sanctions on all federal Australian members of Parliament in response to the supposedly “unfriendly actions” of the government, which has worked in lockstep with democratic allies to penalise Russian officials over the invasion of Ukraine. On April 7, the Russian ministry criticised Australian authorities for following the “collective…
Wheat Prices Spike On Potential Russia Sanctions
April 5, 2022
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U.S. wheat prices climbed for the second consecutive day amidst reports that more sanctions are being considered against Russia for its ongoing war in Ukraine and alleged crimes against the civilian population. U.S. wheat futures registered its lowest closing price in a month on April 1 at $9.84 per bushel. After rising on Monday, it…
Russian Central Bank to Restart Gold Purchases From Banks
March 26, 2022
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Russia’s central bank plans to restart its purchase of gold from banks beginning March 28 in a bid to “balance supply and demand in the domestic precious metals market,” and bring back a semblance of normalcy to the country’s economy. The central bank will pay a fixed rate of 5,000 rubles ($49) per gram of…
White House Preparing to Unveil More Sanctions on Russia: National Security Adviser
March 23, 2022
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President Joe Biden’s administration is preparing to unveil another round of sanctions against Russia, White House national security adviser Jake Sullivan said on March 22. The sanctions will be announced in coordination with the European Union. “[The president] will join our partners in imposing further sanctions on Russia and tightening the existing sanctions to crack…
To Leave or Not to Leave? Western Companies, Banks in Russia Face Substantial Challenges
March 18, 2022
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Western businesses and banks with operations in Russia—whether they intend to exit the country or stay in business there—are facing massive difficulties as they attempt to balance international pressure to divest and potential retaliation from Moscow. Over 400 Western companies have exited Russia since the invasion of Ukraine, leaving behind billions of dollars in assets….
Russia Has Withstood ‘Economic Blitzkrieg,’ Citizens Must Prepare for Inflation and Unemployment: Putin
March 17, 2022
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President Vladimir Putin is claiming that Russia has survived widespread international economic sanctions following Moscow’s invasion of Ukraine, but he admitted that the country will see rising inflation and unemployment in the future. Putin defended the military action in a televised government meeting March 16 and called on Russian citizens to “mobilize” to face the…
Fitch Downgrades Ratings of 31 Russian Banks
March 16, 2022
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Rating agency Fitch has downgraded the Long-Term Foreign Currency (LTFC) Issuer Default Ratings (IDRs) of 31 Russian banks from “B” to “CC” and Short-Term IDRs from “B” to “C.” “Russian banks’ LTFC IDRs now reflect our opinion that some form of default on FC (foreign currency ) financial obligations or deposits is probable over the…
Russian Debt Default ‘Priced-In’ by Investors But Risks Remain, ‘Butterfly Effect’ Could Impact Multiple Entities
March 15, 2022
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Russia’s attack on Ukraine and the resulting international sanctions have triggered fears of a potential debt default by Moscow, something which economist William Jackson says is unlikely. A Russian default will likely be “symbolic” and not have any significant consequences within Russia or elsewhere, Jackson, the chief emerging markets economist at Capital Economics, said in…
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