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Buzz Barometer: Sanctions Send Ripples Across World
January 13, 2015 16:49


Photo Credit: http://www.businessinsider.com
Russians sanctions have remained the buzz of the world media, with the outlets looking at different aspects of trade and travel restrictions imposed on Russian individuals, companies and sectors over Russia’s involvement in the Ukraine crisis.
The online edition of The Financial Times carries a blog by Simon Mundy entitled South Korea’s Ssangyong feels heat of Russian sanctions who details the grievances of the carmaker.
“The impact of US sanctions against Russia has rippled far beyond Moscow to the South Korean town of Pyeongtaek, home to carmaker Ssangyong Motor,” Mundy says.
According to the company, “Russia has been the biggest export market for Ssangyong, which primarily makes sports utility vehicles, during its recovery from receivership over the past five years,” reads the piece.
“But its sales in the country fell by over 30 per cent last year and there is no immediate recovery in sight, the chairman of Ssangyong’s Indian owner Mahindra Group told beyondbrics on Tuesday,” the article adds.
“Russia has been the Achilles’ heel,” Anand Mahindra was quoted as saying by the FT.
The Daily Mirror reports on a private meeting between the Labour leader and George Clooney where they discussed discussed beefing up restrictions on Vladimir Putin’s regime.
The A-lister talked to Mr Miliband on plans to block Russian judges and tax officials from entering Britain at the London mansion of top human rights barrister Geoffrey Robertson QC.
The financial burden from international sanctions may drain Russia’s two sovereign wealth funds, warns Chris Flood from The Financial Times.
 
The government will be pressed for money to “ensure the survival of some of the country’s largest companies”, say two independent analysts polled by the FT.
The Central Bank will have to step in to repay about $200 billion in maturing debts over the next two years. “Refinancing problems caused by sanctions imposed by western countries have left the two funds vulnerable to withdrawals,” reads the piece by Flood.
“The Reserve Fund, which is intended to cover the budget deficit, holds assets of $83 billion, while the National Wealth Fund has assets of $85 billion,” he adds.
“No clear strategy has been agreed by the government in response to the problems,” Chris Weafer, founding partner at Macro-Advisory, a consultancy in Moscow, was quoted as saying.
Earlier, Russia-IC reported that VTB Bank is expected to get 100 billion roubles from the National Wealth Fund to help it overcome the Western-imposed sanctions that limited access to long-term capital.

According to the official website, the government will place a 30-year deposit with the second-largest national lender. 




Author: Mikhail Vesely

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