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Chronicle of world’s economic war against Russia: $9.8 billion leaked from foreign currency accounts during a month

Photo: RBC

Photo: RBC

After attacking Ukraine, Russia faced economic problems and sanctions from many countries and international organizations. In the Russian Federation itself, the authorities call it an economic war. The Page has prepared a compilation of the latest posts about this as of April 15th.

Economy

In March, Russians withdrew $9.8 billion from foreign currency accounts and the outflow of funds continues. This was reported by the Central Bank of the Russian Federation.

Banks from "unfriendly" countries are delaying transfers of payments for Russian energy resources, Putin said. It is necessary to reorient exports to the countries of the South and East, he stated.

The RF Ministry of Energy stopped publishing data on oil production and exports, explaining this by the determination to avoid "possible pressure on Russian companies."

Losing half of the capital by the banking sector is a very likely scenario, according to the Central Bank of the Russian Federation. At the same time, the institution argues that the banks’ safety margin before the crisis was excessive.

Coal mining companies of the Kemerovo region are limited in the supply of coal for export in the eastern direction due to the "chokage" of the railways by other cargoes. During Q1, the railroad transported coal there by 18% less than planned. If this goes on, the coal miners will face fines from buyers and even the loss of sales markets.

The Austrian machine-building and technology concern Andritz suspends developing new operations in Russia.

Finnish manufacturer of packaging and disposable tableware Huhtamaki has decided to stop working in Russia. About 700 people work at the Russian enterprises of the company. Several packaging manufacturers have already announced their withdrawal from the country, and after that the business began to complain about the increase in prices for it.

About 45% of companies in Russia reduce or stop recruitment until the end of the year. In 23% of companies, the number of employees has already decreased since the end of February. The layoffs affected or will affect primarily back office employees, sales and HR departments, as well as line employees in logistics, transport, and delivery.

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The RF Minister of Finance turned to the Minister of Economy of Brazil with a request to support Russia in the IMF, the World Bank, and the G20. Such support is required to prevent "discrimination in international financial institutions and multilateral forums."

The timber industry complex of Russia may lose up to $6 billion due to sanctions. Supplies may be partially redirected to China, but prices there are lower than in Europe.

Sanctions

Poland has imposed an embargo on Russian coal. The corresponding law was signed by the President of the country. The document also provides for the possibility of freezing the assets of those who supported the Russian aggression.

Business partners of billionaire Roman Abramovich, Yevgeny Tenenbaum and David Davidovich, were sanctioned by the UK. London froze their assets worth up to $13 billion and banned Davidovich from entering the Kingdom. Abramovich himself has been on the British sanctions list since mid-March.

The United States does not intend to subsequently return seized assets to Russian businessmen, National Security Adviser Jake Sullivan said. "Our goal is not to bring them back. We want to use them better than in such a way."

Society

By the beginning of April, the secondary housing market in Moscow practically froze. Potential demand is 40% less than usual.

North Macedonia has declared six more Russian diplomats persona non grata.

The American Formula 1 team Haas refused to return 12 million euros to the sponsor of the Uralkali team, Dmitry Mazepin. Even before the imposition of EU sanctions against this billionaire, Haas terminated the sponsorship agreement with the Russian company and with the Russian driver of the team Nikita Mazepin.

Services of Russian private clinics may rise in price by up to 20% due to a shortage of imported equipment and consumables. Prices for some consumables have increased by 300%. Due to fierce competition, medical stations and small monoclinics may leave the market.

Sales of premium segment cars in Russia decreased by 40% in March. Growth was demonstrated only by Genesis and Jeep, and sales of Cadillac collapsed the most (minus 70%).

In March, the Russian marketplaces Ozon and Wildberries recorded an increase in sales of book products. The books of George Orwell and literature on psychology were especially popular.

The Russian Academy of Sciences faces problems in communicating with Chinese partners: joint projects have been frozen. Relations with Western academies of sciences were frozen earlier. Only the partnership with the Indian Academy of Sciences remains.

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