Commentary by magnesia ebullience, swed bank’s chief economist in latvia, on the current situation it. Is currently known that several russian banks are planned to be excluded from the swift system as. The South Korea Phone Number extent of the impact. On the economy of russia and also of the european union, including latvia, will depend on the details. Of these sanctions – how many and which banks will be excluded and what exceptions will be made for. Payments for South Korea Phone Number russian energy. If the largest russian banks are subject to sanctions, russia’s trade with. Other countries could be significantly affected.
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Provides an exchange of messages between banks. On financial transactions, such as money transfers, rather than the South Korea Phone Number cash flows themselves. Rather, such sanctions significantly slow down and increase the. Cost of cross-border payments, thus hindering. Effective cross-border trade. Of course, it affects the russian economy the most, but also those companies, such as those in the european union, that buy. Or sell something from russian companies.The most important thing for the european and latvian. Economies is to maintain russia’s oil and especially natural gas supplies. 27% of oil and 40% of gas. Imports into the South Korea Phone Number european. Union come directly from russia. Therefore, the swift-related sanctions, although.
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Are unlikely to have a significant impact on russia’s main revenue artery, russia’s oil and gas exports, which financed more than a third of the country’s budget last year. Sanctions against russia’s central. Bank are even more painful for the russian economy. They predict that South Korea Phone Numbers a significant part of the. Country’s international reserves will be frozen. This means that it will be very difficult for the central. Bank to support the sanctioned economy and the banking sector, curb the fall of the ruble and the rise. Interest rate to 20% to stop the ruble from falling. Impact of Sanctions This means that it will be very difficult for the central. Bank to suppor.