How Russia pays for aggression in Ukraine: Situation as of March 2

Author

Valery Moiseev

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

Economy

The euro exchange rate on the Moscow Exchange exceeded 122 rubles, the dollar—more than 110 rubles. In both cases, it became a new historical high.

The Bank of Russia decided not to resume trading on the Moscow Stock Exchange on March 2. Trading is not held for the third day.

From March 2, Putin banned the export of foreign cash in the amount of more than 10,000 dollars from Russia.

The Bank of Russia allowed companies to independently decide on paying dividends to Russians on securities, but paying dividends abroad is prohibited.

Shipments of grain from Russia have more than halved, mainly due to the interruption of navigation in the Azov basin.

Apple has stopped selling its equipment in the official online store in Russia. The Apple Pay mobile payment service no longer works in the Russian Federation.

Boeing is suspending the supply of spare parts to Russian airlines and maintenance of its aircraft there.

The postal and logistics company DHL has suspended import transportation from Russia. Earlier, DHL, UPS, and FedEx announced the suspension of receiving letters and parcels to Russia.

Container lines stop working with Russia. The suspension of bookings was officially announced by Maersk, Mediterranean Shipping Company, and CMA CGM.

The Sollers Ford car factory in Yelabuga will suspend production from March 3 due to the decision of the Ford concern to temporarily stop working in Russia.

BMW has announced a halt to car production in Russia. Back in early February, this German automaker announced plans to start full-cycle production in Kaliningrad.

Severstal has stopped supplying steel products to the EU countries. This is due to the EU sanctions against its main owner Alexey Mordashov. Supplies to Europe yield about a third of the company's total revenue.

Sberbank has decided to withdraw from the European market by closing its subsidiary banks. The withdrawal will not affect the bank's subsidiary in Switzerland, as it does not belong to Sberbank Europe.

New sanctions

Canadian authorities have officially imposed sanctions against Russian President Vladimir Putin. The sanctions are also being imposed against Russian Foreign Minister Sergey Lavrov, Finance Minister Anton Siluanov, Defense Minister Sergei Shoigu, Justice Minister Konstantin Chuychenko, and PChief of Staff of the Presidential Executive Office Anton Vaino, Deputy Chairman of the Russian Security Council Dmitry Medvedev, Prime Minister Mikhail Mishustin, Interior Minister Vladimir Kolokoltsev, Mayor of Moscow Sergei Sobyanin, and Governor of St. Petersburg Alexander Beglov.

President Joe Biden announced that the United States is closing airspace to Russian aircraft.

The U.S. Department of Justice is convening a special working group to investigate the crimes of Russian oligarchs. "We are joining our European allies to find and seize their yachts, luxury apartments, and private jets. We're coming for their ill-gotten money," Biden reported.

Transneft states it sees a high risk of new Western sanctions, including against the energy sector. Directly, the EU and the US have not yet imposed sanctions against the energy sector.

Society

Rostourism recommended tour operators to suspend sales of tours to countries that have imposed sanctions on Russia. In addition, the agency advises Russians to refrain from traveling there due to possible problems with coming back. This also applies to the Caribbean countries. The route there runs through the closed airspace of the EU and Canada.

Russian retail chains have increased prices for foreign alcoholic beverages, canceling discounts and promotions. Major distributors raised wholesale prices for foreign drinks as well. As a result, alcoholic products have risen in price by 20-40%. Experts expect prices to continue to rise.

The International Biathlon Union (IBU) has banned the Russian and Belarusian national teams from participating in their competitions. On March 17, the suspension of the membership of the Russian Biathlon Union in the International Union will be considered.

Universal has suspended screenings of its movies in Russian cinemas for an indefinite period. In particular, the film Belfast that was supposed to premiere on March 10 will not be released.

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The Russian Federation was ready for sanctions, but surprised that they impacted athletes and media personnel, Russian Foreign Minister Sergey Lavrov.

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.

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