Impact of the Russian sanctions and Russian exposure to the global market (16Mar2022)
Following the Ukraine crisis, Russia has been hit with various sanctions from the international community. The war spread from the streets of Ukraine to news, cyberspace and also the markets. The sanctions included removing Russian banks from the SWIFT system for international payments and freezing the assets of Russian companies & oligarchs in & outside Russia. Due to globalization , there are also much collateral damages that have been inflicted to the various companies due to boycott, business suspensions and closures in Russia. Here are some of the market impacts I compiled from various news sources (like Yahoo, Fortune.com, The Guardian, etc): Russians rushed to withdraw their savings - taken from business insider. Russian central bank was denied access to its US$630 billion (£473 billion) of foreign reserves. Ratings agencies have either cut Russia’s credit rating to junk status or signalled that they may do so soon . Th...