Due to the conflict between Russia and Ukraine, the decree that makes it impossible for residents of Russia to carry out bank transactions abroad came into effect on March 1st. Concomitant with this, Russian exporters had to convert 80% of their resources obtained in foreign currencies into rubles. This move is being made as a measure to curb Russian attacks by devaluing the local currency.
In an attempt to curb the devaluation of the Russian currency, the Central Bank announced on the 1st that it will double its basic interest rate, from 9.5% to 20%. The European Union and the United States announced that they will exclude some Russian banks from the international system, a measure that will directly impact the global economy and Brazil.
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A significant number of companies have announced that they will withdraw from Europe or stop their production, as happened in the case of Hyundai in St. Petersburg, the second largest in Moscow. Also, the United Kingdom announced that it has placed Sberbank, the largest Russian bank, on the list of entities targeted for sanctions.
In this context of economic sanctions, Putin, Prime Minister Mikhail Mishustin, Finance Minister Anton Siluanov, the President of the Russian Central Bank, Elvira Nabiullina, and the Director General of Sberbank, with the purpose of discussing the impact of these sanctions. According to the Prime Minister of Russia, the departures of companies in the first days of sanctions is an act related to pressure political and not for economic reasons, since they argue that Russia has “all the potential necessary to compensate for the damage”.
However, Russian tycoons publicly express their discontent. The multimillionaire creator of the aluminum giant Rusal, Oleg Deripaska, said: “It is a real crisis and real crisis experts are needed. We must absolutely change our economic policy and put an end to all this state capitalism”. The macroeconomic adviser at Open Broker, Serguei Khestanov, stated that while there are no efficient sanctions related to Russian exports, especially oil and gas, there will be no catastrophes, although people will feel these sanctions at some point. time.
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