World Desk, AnyTV, Moscow
Published by: Harendra Chaudhary
Updated Thu, 03 Mar 2022 03:12 PM IST
Summary
There are reports from European capitals that sanctions imposed on Russia are having a bad effect there as well. On Wednesday, European Commissioner for the Economy Paolo Gentiloni said in Brussels that sanctions imposed on Russia could disrupt energy supplies to Europe. It will affect the economic growth of Europe.
Now Russian companies and individuals have the option of repaying their debt only in rubles. The Central Bank of Russia has said this in one of its orders. This is the result of international sanctions imposed on Russia after the attack on Ukraine.
Meanwhile, news broke on Wednesday that Russia’s central bank has barred financial institutions from sending money outside the country to people who are not Russian citizens. These restrictions will be strictly enforced in relation to countries that have imposed sanctions on Russia. According to media reports, the Central Bank had issued a letter regarding this ban on March 1 itself. According to him, this ban is from March 1 to March 31. Residents of 43 countries will be affected by this.
Europe’s economic growth will be affected
New steps are being taken in Russia to counter the sanctions imposed by the Western countries. The United States, the European Union, Britain and many other countries have imposed various financial sanctions on Russia after the attack on Ukraine. A major decision between them is also to exclude several Russian banks from the international transaction network SWIFT. In this connection, the Central Bank of Russia has said in an order that now Russian companies will no longer be able to pay dividends to non-resident persons.
Meanwhile, there are reports from European capitals that the sanctions imposed on Russia are having a bad effect there as well. On Wednesday, European Commissioner for the Economy Paolo Gentiloni said in Brussels that sanctions imposed on Russia could disrupt energy supplies to Europe. This will affect the economic growth of Europe. Addressing a conference, he said that the main problem could come with the supply of Russian natural gas. So now Europe must prepare itself for its consequences.
Markets may be affected
Gentiloni said- ‘Russian attack on Ukraine can have a negative impact on economic development. It can also have adverse effects on the financial markets. Because of this, the cost of energy may increase further. Supply chain disruptions may increase. It will have an impact on self-confidence, which we should not ignore.
Gentiloni’s statement came after the European Union’s statistics office Eurostat released the latest figures. Those figures showed that inflation in the EU reached 5.8 per cent in February, a record. Prior to that, the European Commission issued a statement detailing the potential negative impact of sanctions on EU member states. It noted that Russia meets 40 percent of the natural gas requirement of the EU region. Although crude oil and gas have not yet been brought under the purview of sanctions, there is a possibility of this happening in the future.
Expansion
Now Russian companies and individuals have the option of repaying their debt only in rubles. The Central Bank of Russia has said this in one of its orders. This is the result of international sanctions imposed on Russia after the attack on Ukraine.
Meanwhile, news broke on Wednesday that Russia’s central bank has barred financial institutions from sending money outside the country to people who are not Russian citizens. These restrictions will be strictly enforced in relation to countries that have imposed sanctions on Russia. According to media reports, the Central Bank had issued a letter regarding this ban on March 1 itself. According to him, this ban is from March 1 to March 31. Residents of 43 countries will be affected by this.
Europe’s economic growth will be affected
New steps are being taken in Russia to counter the sanctions imposed by the Western countries. The United States, the European Union, Britain and many other countries have imposed various financial sanctions on Russia after the attack on Ukraine. A major decision between them is also to exclude several Russian banks from the international transaction network SWIFT. In this connection, the Central Bank of Russia has said in an order that now Russian companies will no longer be able to pay dividends to non-resident persons.
Meanwhile, there are reports from European capitals that the sanctions imposed on Russia are having a bad effect there as well. On Wednesday, European Commissioner for the Economy Paolo Gentiloni said in Brussels that sanctions imposed on Russia could disrupt energy supplies to Europe. This will affect the economic growth of Europe. Addressing a conference, he said that the main problem could come with the supply of Russian natural gas. So now Europe must prepare itself for its consequences.
Markets may be affected
Gentiloni said- ‘Russian attack on Ukraine can have a negative impact on economic development. It can also have adverse effects on the financial markets. Because of this, the cost of energy may increase further. Supply chain disruptions may increase. It will have an impact on self-confidence, which we should not ignore.
Gentiloni’s statement came after the European Union’s statistics office Eurostat released the latest figures. Those figures showed that inflation in the EU reached 5.8 per cent in February, a record. Prior to that, the European Commission issued a statement detailing the potential negative impact of sanctions on EU member states. It noted that Russia meets 40 percent of the natural gas requirement of the EU region. Although crude oil and gas have not yet been brought under the purview of sanctions, there is a possibility of this happening in the future.