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How Russia pays for aggression in Ukraine: News as of March 5

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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.

Economy

The Bank of Russia has decided not to trade and make settlements on all markets of the Moscow Exchange from 5 to 8 March. No trading has taken place since February 28.

Economists at JPMorgan Chase report they expect Russia's gross domestic product to reduce by 7% in 2022. Sanctions are now undermining the two pillars of stability—the central bank's foreign exchange reserves and current transaction surpluses. Bloomberg Economics predicts an even greater drop in GDP—up to 9%.

American Cogent, one of the largest backbone Internet providers, disconnects Russian operators from its networks. The company offers operators to pick up their server equipment within a month. Rostelecom, VimpelCom, MegaFon, Yandex, and VK work with Cogent.

The Ministry of Digital Development of the Russian Federation proposed to the government to allow telecom operators to raise tariffs in the face of sanctions. This measure is intended to address the shortage of equipment that they may face due to restrictions from the West. The imported components they have will be enough for operators for a maximum period of 1 year.

Microsoft has decided to temporarily stop the sale of products and services in Russia.

The European Union is discussing limiting Russia's influence on the IMF and the country's access to the fund's finances, Reuters learned. One option is to exclude Russia from the IMF completely, but doing so would be very difficult or even impossible, agency sources say.

Samsung has decided to suspend supplying smartphones, chips and other equipment to Russia. The company explained this by geopolitics and problems with logistics.

The PayPal payment system has decided to suspend work in Russia. It supports the international community by condemning the aggression against Ukraine.

The Spanish Inditex, which owns the brands Zara, Pull & Bear, and Massimo Dutti, announced suspending the work of all stores and online sales in Russia. Although the company has 500 stores in the country, its investment in the Russian market "is not financially significant."

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Sanctions

Aeroflot suspends all foreign flights from March 8, except for Minsk (Belarus). The cancellation concerns, among other things, international destinations in the schedule of Rossiya and Aurora airlines. The Federal Air Transport Agency (Rosaviatsiya) recommended that Russian airlines suspend international flights from March 6 amid mass arrests of aircraft abroad.

The EU may increase the number of Russian banks that it will cut off from SWIFT, Josep Borrell, Chief Representative of the European Union for Foreign and Security Policy, reported.

Switzerland has imposed sanctions against Russia. Transactions with the Bank of Russia, export of dual-use goods, products, and services in the oil sector are prohibited. The country joined the EU sanctions against the Russian financial sector and personal restrictions on Russians.

The Italian authorities have detained the yacht of the richest Russian billionaire Alexey Mordashov. This refers to the 64-meter superyacht Lady M, equipped with a swimming pool and a helipad.

The Republic of Cyprus has withdrawn its permission for the planned entry of Russian Navy ships to the port of Limassol. Five Russian ships were to make a visit to the port to refuel.

The Italian authorities seized the property of businessman Alisher Usmanov and TV presenter Vladimir Solovyov. This refers to Solovyov’s two villas on Lake Como, as well as Usmanov's villa on Sardinia.

One of the villas belonging to the propagandist Solovyov

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Society

Putin signed a law that provides for up to 15 years in prison for disseminating "misleading information" about the actions of the Russian military in Ukraine.

The authorities of the Russian Federation allowed retail chains to limit the sale of socially significant goods to one person.

On March 4, Roskomnadzor decided to block access to the Facebook social network in the Russian Federation.

Following Facebook, authorities began to block Twitter.

Due to the lack of new foreign films, the films Brother and Brother 2, the cartoons Alyosha Popovich and Tugarin the Serpent, Dobrynya Nikitich and Zmey Gorynych (Dobrinya and the Dragon) and others are being re-released in cinemas.

The American educational platform Coursera announced the suspension of all business relations with Russia. Students have 90 days to complete the courses they are subscribed to.

Russian citizens have begun to face discrimination in Germany, the Russian ambassador in Berlin states. The embassy receives a "flow of complaints" from them to a hotline launched by the diplomatic mission.

This aircraft was shot down over Chernihiv today:

Before —

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After —

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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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