The EU is banning 70 per cent of Belarus’s exports to the bloc including all potash, a vital component of fertilisers, over its support for the Russian invasion of Ukraine.
The UK 👇...well...
The EU will stop imports of wood, cement, steel, potash and other materials worth more than €4bn annually. EU companies have three months to wind up contracts with Belarusian suppliers.
It will stop imports of wood, cement, steel, potash and other materials worth more than €4bn annually. EU companies have three months to wind up contracts with Belarusian suppliers.
It also put sanctions on 22 individuals linked to Belarus’s armed forces, adding to the 20 already covered by previous rounds of sanctions on the regime of Alexander Lukashenko, who brutally crushed protests in 2020.
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Very interesting piece in @ft on the effects of the sanctions on the Russian Central bank & the SWIFT ban.
1.foreign exchange reserves are a key pillar of Russia's economic strength. The western allies are attempting to undermine its ability to tap the stockpile
2.A large chunk of Russia's foreign exchange stockpile is held overseas in the US, Germany, France, UK, Austria and Japan.(see right graph)
3. Withour access to the FE reserves, the CBR will be hamstrung in its ability to defend the rouble. It could eventually lead to bank runs. Russians have already been flocking to banks to withdraw cash
Totally agree.
Democracies have behaved well, far better than Putin expected.
They acted collectively, accepted to take very big hits in principle (particularly Germany & Italy but also to their financial sectors) & showed resolve & determination. 1/4
In the UK, UKG must in particular follow through on oligarchs money. 👇 will greatly help but it will be tough & require Opposition vigilance in Parliament. 3/
Les democracies soit disant impuissantes: 1. ont ce soir gelé tous les actifs en monnaie étrangère de la Russie, le trésor de guerre de M. Poutine dont les médias nous rabattaient les oreilles. Complètement inutilisable...2/
2. ont envoyé armes, fioul & munitions à l'Ukraine. Même l'Allemagne qui a répudié (au moins momentairement) une décision stratégique de plusieurs décennies
3.ont accepté le risque de coupures d'energie et mis fin à Nord Stream II 4. Loin de s'écraser devant Pourine, 3/
Great, great news!
This may not turn out so well for M. Putin after all.
His war chest is useless & mostly inaccessible.
His army isn't winning & demotivated by strong resistance 1/ on.ft.com/3vn7gMQ via @FT
His close entourage is under sanctions & so is he (the cosy retirement in a Putin's Palace is no longer an option)
His whole Duma of laqueys under sanctions too ( & likely furious).
A courageous proportion of his population is protesting & many others do not support his war 2/
The "weak democracies" turn out to have guts after all & are harming his economy, personal finances & arming #Ukraine
Some will start to question his judgement openly & turn against him.
Maybe not yet. 3/
The composition of Russia foreign exchange reserves is shown in the chart on the left per assets class. On the right, the chart showing the geographical location of counterparties
or issuers of securities ie. the true place of residence of the assets. 2/
The geographical location of Russia's counterparties is:
- Russia (Gold) 23%
- China 13%
- Japan 12%
- Germany 12%
- France 10%
- USA 7%
- International financial institutions (IMF) 5%
- UK 4%
- Canada 2%
- Finland 2%
- Others 8%
3/
I am in two minds about this.
Many investigations-e.g for fraud but also other potentially criminal behaviour - prove to be baseless. Is it right that people should be vilified by public opinion, theguardian.com/world/2022/feb…
their reputation destroyed, sometimes for ever ("there is no smoke without fire" etc) when they have not even be charged? I don't buy the argument that this will only benefit the wealthy & powerful. If there was well established case law, it would benefit everyone & the tabloids
would have to take notice or pay big fines. Often there is far more noise around the investigation itself than there is when it is dropped (often not reported at all) & they can go on limply for years before they are officially closed. Provided there is a public