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Market News Topics
February 28, 2022 06:45 GMT
SUMMARY: “Fortress Russia” at Risk of Being Torn Down
RUSSIA
- US, UK, Canada, France,
Germany, Italy & the European Commission said they would block Russia’s
central bank (CBR) from using its $630bn in international reserves, reducing
its ability to defend the economy and the RUB against the recent wave of
sanctions targeting banks, debt, oligarchs, defense firms tech exports and to a
smaller degree, the energy sector – FT, WSJ
- Specific details have yet to be released, but initial signs point to the CBR being added to the Treasury’s “specially designated nationals” list (similar to Iran in 2019) - prohibiting US nationals and banks from dealing with them – making its reserves held overseas (~40% of total held in EU & US) vulnerable to freezes and effectively taken out of action.
- This represents the toughest measure Russia has faced to date, and risks forcing the CBR to hike rates, put capital controls in place or at a pinch sell its gold reserves to support the RUB if it came under significant pressure. However, the impact may be softened if Russia has drawn down on its international reserves in recent months
- Western nations also rallied
behind the call to disconnect Russia from the SWIFT system, targeting Russia’s
banks, although the energy sector may be less targeted. Western nations said
this would be on a bank-by-bank basis and would be aimed at minimizing harm on
Western institutions.
- Russian residents have already been seen queuing at banks over the weekend, despite assurance from the CBR with markets concerned a run on the banks may occur in the near-term if all new measures are implemented - FT.
- On Sunday, Putin ordered his military command to put nuclear deterrent forces on high alert in response to “aggressive statements” from the US/NATO. NATO’s Stoltenberg said this was “dangerous rhetoric.” This happened as Zelensky agreed to speak with Russian officials near the border with Belarus without surrender preconditions at . – Express, bbg
- Numerous Western countries pledged to provide more financial and military aid in the form of weaponry, aircraft and missiles. Moreover, anti-war rallies were held all over the world as public discontent over the war grows. Another 1400 people were arrested in on Sunday as the Kremlin tries to crack down on protest action against the war - bbg
- US says Belarus is preparing to send troops to Ukraine amid reports of a referendum to renounce its non-nuclear status. Deployment could begin as early as today and the referendum could allow Russia to place nuclear weapons on Belarusian territory just 10 days after approval – Guardian, IFX
- Satellite imagery shows a 5km long Russian military column headed for Kyiv carrying fuel, logistics, tanks,fighting vehicles and self-propelled artillery as fighting continues. Ukraine held onto Kharkiv, Mariupol and other major cities, while Russia is seen boosting its capabilities – Express
- Moscow exchange says currency trading will open at 10:00 Moscow time (0700GMT). Stocks wont open as scheduled until at least 1200GMT. Russia has also banned foreign clients from selling securities, effective immediately - RIA
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
To read the full story
Close
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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