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euractiv | Russia's economic defences likely to crumble over time under sanctions ONSLAUGHT
"The view Russia will be unaffected is wrong. The negative effects may not be felt upfront, but sanctions will hobble Russia's potential in the longer run," said Christopher Granville, managing director at consultancy TS Lombard and a veteran Russia watcher.
Russia has dismissed sanctions as counter to the interests of those who imposed them. And they won't immediately dent an economy with $643 billion in [foreign] currency reserves and booming oil and gas revenues.
What was China's Foreign Exchange Reserves a/o Jan 2022? USD 3.2T. parity watch RUB:RMB,13.2:1; RMB:EUR, 1:0.75; EUR:USD, 1:11.
According to Granville, surging oil prices will offer Russia an extra 1.5 trillion rouble ($17.2 billion) windfall this year from taxes on energy companies' profits. But this kind of autarky [independence] has a price -- deepening isolation from ["]The World Economy["], markets, and investment, he noted.
Sergei Guriev, economics professor at France's Sciences Po and former European Bank for Reconstruction and Development chief economist, pointed out that Russian nominal per capita GDP, double China's in 2013, was now behind.

"In 2013 Russia was a high-income [GDP $2.2T? compared to KR $1.3? CN $9.6T? US $16.5T? EU $17.3T? ] country and was actively negotiating OECD accession recognition. Russia is now back to the middle-income [$5.00/day!] status," he said.

y'all tripping all over yer lies eight ways to Sunday school
Losing access to SWIFT would complicate export and import payments, and could even prevent paying bond coupons, triggering technical default. JPMorgan projects sanctions will slice up to 3.5 percentage points from GDP growth in the second half of 2022. Limited access to foreign capital denominated debt leaves oil companies reliant on prepayment deals and facing significantly higher cost of capital, the bank added.
by Cat on Sun Feb 27th, 2022 at 08:22:31 PM EST
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