(4 March 2022) The US, the EU, the UK and other allied countries have imposed sanctions against the Central Bank of Russia to limit Moscow's ability to use its foreign exchange reserves to support the Russian financial system after the largest Russian banks were cut off from the global financial messaging system SWIFT.
*Feb. 18, 2022 is the latest available official record. The Central Bank of Russia has stated that it will not disclose the amount of foreign exchange reserves for the next three months.
Russia's recovery from economic recession could be complicated by sanctions announced recently by US President Donald Trump, with still greater potential of painful restrictions on investors and Russian companies seeking to raise capital in Western markets. This year, the US Treasury initiated new sanctions against Russian persons and entities for activities including the alleged poisoning in the UK of former FSB Officer Skripal and his daughter as well as Moscow's alleged meddling in the 2016 US presidential election. The sanctions announced in April targeted seven Russian...
As the coronacrisis reached Russia this spring, ordinary citizens and business turned to cash to guard against the uncertainties of 2020. By early October, an estimated 12.1 trillion rubles were in circulation. While cash holdings have been on the rise for the better part of the last decade in Russia, the growth rate of cash holdings outside the banking system (a.k.a. M0) quadrupled between March (7.1%) and October (28.3%). The growth in cash holdings during the April-June period was largely COVID-related. Since mid-summer, however, Russian's were likely equally driven to withdraw...
(15 June 2021) On June 16, the meeting of the presidents of the United States and Russia will take place in Geneva. This will be the first in-person meeting of the US and Russian presidents since 2019. It can be said without exaggeration that the results of the US-Russia summit will determine the state of the global order for many years ahead (at least till 2024, the year of the next presidential elections in the United States and Russia). So the main question about the summit is, Will the United States and Russia find common ground and begin to work out ways to compromise on key...
Why is it that Russia has reported the second-largest number of confirmed cases of COVID-19 globally and yet it’s ranked 140th out of 163 countries based on death rate from COVID-19, breaking the general rule of ‘more cases - more deaths’? We had a few theories: Russia is extremely successful in treating COVID-19, Russians are highly resistant to the virus, or the death toll is simply undercounted. We dug in and found that death classification practices vary significantly across countries despite the availability of guidelines for classifying coronavirus deaths published by the...
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