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REPORTAGE: UKRAINE INVASION - Putin underestimates the effects of far-reaching sanctions
By Iain Fraser - Consultant Editor
via www.GEOPoliticalMatters.com - First for Daily Geopolitical News
The effect of universal sanctions against Russia, Putin and his cronies is beginning to bite (hard) but its not just the financial restrictions like the withdrawal of Swift facilities from Russian banks that is damaging the effective autocracy that is Vladimir Putin.
Ukraine has shown stellar resolve against the adversity of a full onslaught by the might of the Russian war machine; and their president has balls of steel.
Not only has the rouble plummeted against the dollar and other currencies in recent days forcing the Russian Central Bank to double interest rates. While the Kremlin says it has enough resources to weather the sanctions, this is debatable.
On Monday [28/02/2022] Russia more than doubled its interest rate to 20% in response to the sanctions after the rouble plunged to record new lows. The stock market remains closed amid fears of a massive share sell-off and over last weekend the central bank appealed for calm amid fears of a run on the banks, which happens when too many people try to withdraw money.
The sanctions against some Russian banks include cutting them off from Visa and Mastercard, and consequently Apple Pay and Google Pay. To receive the full story direct to your inbox please Click Here to register free
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