February 28, 2024

Taylor Daily Press

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The Russian Central Bank is preparing to tighten sanctions  outside

The Russian Central Bank is preparing to tighten sanctions outside

Russia's central bank, which helped the Kremlin ease the blow of sweeping sanctions that followed Russia's invasion of Ukraine, is considering tougher punitive measures for the country's economy. This was stated by the head of the Central Bank, Elvira Nabiullina, in an interview with “RBC News”.

She said the reorganization of the Russian economy was proceeding “very quickly” as companies adapted to the sanctions. Nabiullina said the temptation is great then to believe that Russia has weathered the worst of the storm. But “we have to be prepared for greater pressure from sanctions.”

It was announced on Friday that the United States will take tougher action against foreign banks that support Russia's war in Ukraine. The new measure appears to mainly target Chinese banks, which have remained willing to support the regime in Moscow with billions of dollars in loans. Earlier this month, the European Union introduced its 12th sanctions package against Russia.

In the interview, which did not mention Ukraine or the war, Nabiullina said cross-border payments remained “an issue for many companies.” She added that there are also “very serious” challenges when it comes to finding long-term financing.

“We cannot say that we have responded to all the challenges,” Nabiullina admitted. However, she said she was “very positive about the development of the financial sector” in Russia.

Financial support for Ukraine

Ukraine has now received more than $1.3 billion in financial support. According to the Ukrainian Ministry of Finance, this includes an approximately $1.1 billion loan from the World Bank, a $190 million grant from Norway, a $50 million grant from the United States, and a $20 million grant from Switzerland.

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Ukraine uses these funds to cover expenses not related to security or defense. This concerns, for example, social benefits and wages for civil servants. Ukrainian Finance Minister Serhiy Marchenko said: “International financial aid makes an important contribution to maintaining financial and economic stability in Ukraine.”