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How Russia pays for aggression in Ukraine: News as of March 4

Last working day of IKEA in Russia

Last working day of IKEA in Russia

After the attack on Ukraine, Russia faced a large number of economic problems and various sanctions from many countries and international organizations. The Page has made a compilation of recent reports about it.


On March 4, the Central Bank decided not to resume trading on the stock market section of the Moscow Exchange. Russian shares have not been traded since the beginning of the war in Ukraine.

The international rating agency S&P Global Ratings has downgraded Russia's long-term credit rating to CCC- from BB+. The rating remains under review with a negative outlook.

The consulting company Accenture reported its withdrawal from Russia. The company's staff in the country is 2,300 persons. The company thanked them for their work and promised to provide support.

British fashion retailer Marks & Spencer (M&S) has suspended shipments to Russian stores managed by a Turkey-based franchisee.

IKEA has temporarily suspended operations in Russia and Belarus. Stores are closed until May 31st. Employees will continue to work in warehouses and receive salaries.

The stores and the online platform of the Spanish brand Mango are temporarily shutting down in Russia.

The Asian Infrastructure Investment Bank (AIIB) has ceased cooperation with Russia. The bank is headquartered in Beijing and its main shareholder is China.

VTB raised the minimum rate on its mortgage loans to 22.4% on March 4. Experts call mortgage rates above 20% protective.

The founder of one of the Russian educational platforms operating in foreign markets reported about "tens of thousands of dollars" of lost profits. Since February 24, the company has lost 40% of the contracts that it negotiated for a month. Language schools, PR agencies, investment and venture funds experience similar problems.

The Airbnb rental service has suspended work in Russia and Belarus.


The US White House announced the imposing full blocking sanctions against the press secretary of the President of the Russian Federation Dmitry Peskov, Russian businessmen Yevgeny Prigozhin, Boris and Arkady Rotenbergs, and Alisher Usmanov. The list also includes Sergey Chemezov, the head of Rostec, Igor Shuvalov, the chairman of VEB.RF, and Nikolay Tokarev, the president of Transneft, Nikolai Tokarev. These persons and their family members will be cut off from the US financial system, their assets in the country will be frozen, and their property will be blocked. At the same time, the US Treasury made an exception for Usmanov—even those of his companies where he owns more than 50% will not fall under blocking sanctions.

The US is imposing visa restrictions on 19 Russian oligarchs and 47 members of their families and close associates.

The United States imposes blocking sanctions for "disinformation" on seven Russian organizations and 26 persons in Russia or Ukraine and playing leading roles in these structures. Among the organizations sanctioned are the Strategic Culture Foundation, the outlet Rhythm of Eurasia, and the magazin Kamerton.

Among the organizations that fell under the sanctions are the Strategic Culture Foundation, the Rhythm of Eurasia publication, and the tuning fork magazine.

The US authorities announced imposing sanctions against 22 Russian companies related to the defense sector. They were included in the SDN list. Citizens of the United States are prohibited from doing business with persons on the list.

The UK authorities are imposing sanctions on Russian businessman Alisher Usmanov and head of VEB.RF Igor Shuvalov. They are banned from entering the country and their assets are completely frozen.

In Canada, a private plane with Russians on board was detained. The head of the Ministry of Transport of the country stated that Ottawa will continue to hold Russia accountable.

The West will lift sanctions against Russia if it stops its military operation in Ukraine, US Under Secretary of State for Political Affairs Victoria Nuland stated. Also, Moscow must recognize the sovereignty and territorial integrity of Ukraine. Now, in her opinion, Russia "denies the very right of Ukraine to exist."


Prices for tours to countries that are still open to Russians have risen sharply due to the weakening of the ruble. Vacation in Turkey has become 80% more expensive, and in Egypt—by 65%, the Association of Tour Operators of Russia reported.

The International Weightlifting Federation (IWF) suspended Russian and Belarusian athletes from participating in competitions under the auspices of the organization. Russia and Belarus are also temporarily deprived of the right to hold international weightlifting competitions.

Czech beer producers Plzensky Prazdroj, Staropramen, Budejovicky Budvar, and Bernard have stopped supplies to Russia. Earlier, a similar decision was made by the alcohol manufacturer Diageo.

Sports organization Formula 1 terminated the contract with the promoter company to host the Russian Grand Prix. Races will not be held in the country in the future as well.

Russian cinemas have warned the authorities about the risk of liquidation of the entire industry over the tough sanctions against Russia and have asked for support from the government.

Recall that on February 24 at 04:50 Russian President Vladimir Putin actually declared war on Ukraine, and Russian troops began to invade the territory of our country. The Page follows the situation and regularly informs about the most important events.

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