JOE Biden said today I am authorizing additional strong sanctions and new limitations on what can be exported to Russia as it’s economy is going down.
It is saying that the Russian economy is going down. In contrast, the reasons behind it were saying that this happens because of the financial penalties.
That is imposed on Russia, and also, they have started disrupting the country’s economy.
If we talk about the Moscow stock exchange,
it has been shut for two days, and because of that, the investors are divesting themselves of Russian interests where the Russian government is borrowing the cost by doubling it by 17 %.
Whereas the S P credit agency has demoted Russia to the junk status, the Russian government now does not have enough money to wage back that the banks have borrowed and the economy is degrading.
On the other hand, several multinationals are severing ties with Moscow to worst these economic crises or blowback mare.
It includes many energy companies, tech giants, banks, production houses, sporting bodies. It is also saying that a host of them have decided to suspend operations in Russia.
Whereas JP Morgan (investment banking company) says that Russia could soon enter the recession phase if this trend in economy continues.
Many country presidents say on this where president JOE Biden told today I am authorizing additional strong sanctions and new limitations on what can be exported to Russia.
European president says that the Russian leadership and further restrictions on what can be shipped to Russia and Russian leadership will face unprecedented isolation.
Scott Morrison, PM Australia, says that we are now programming at the second financial phase.
Where France‘s president says that the sanctions against Russia will be commensurate with the aggression it has committed.
So it means that now globally,
Everyone starts backing off on this issue and knows one supports Russia.
It is also saying that to deprive president Putin of the funds he needs for this war, they have targeted Russian banks, oligarchs’ businesses, oil refineries, and military exports.
These financial penalties have already disrupted the Moscow stock exchange and sent the Russian currency cratering more than 30 per cent.
It is a sharper economic fallout than expected in the days ahead.
JP Morgan says Russia could even enter a resection to worsen this economic blowback, and the cooperate world is also severing ties with the Russian government.
Many hosts of multinational companies have taken significant steps.
If we talk about the oil companies, these energy giant shell has decided to exit for all Russian operations, including a partnership with the Russian government’s state-owned gas prom.
Norwegian energy firm equator is also divesting its joint ventures in Russia.
It will be abandoning a deal, which struck almost 30 years ago. Whereas if we speak of tech giants, dell has suspended all its product sales in Russia.
Whereas intel is suspending chip shipment to Russian laboratory, where Facebook parent company meta has borrowed Russian ads in its website, Twitter also has restricted all the access to any Russian handles in Europe.
Google has banned Russian state media from collecting ad revenue from its websites, apps, and you-tube.
British bank HSBC is winding down all its relations with several Russian financial institutions.
The New York stock exchange has temporarily put down all treading for Russian companies.
Nasdaq has also barred Russian-owned farms from treading on its discussions.
Still, there are many more things, and companies who have now started making distant from Russia like FIFA and UEFA have board Russia from all international competitions.
Edited by: Kiran Maharana
Published by: Vishakha Verma
