ICYMI: DailyFX Senior Strategist cvecchiofx on Ukraine War sanctions hit Russian Rouble in guardiannews.
, were likely to deal a devastating blow to the Russian economy and make it hard for Russian banks and companies to access the international financial system.Signs of the first commercial casualties came on Monday when the European Central Bank said that Sberbank Europe, a fully owned subsidiary of Sberbankis failing or likely to fail along with its Croatian and Slovenian units.
“The situation is dire for the Russian economy,” said Christopher Vecchio, senior strategist with IG Group’s DailyFX.com in New York. “Now unable to import or export goods and services thanks to the Swift sanctions, unable to sell foreign currency reserves thanks to the [central bank] asset freeze, and a Russian economy ringfenced from the global financial system, a currency crisis has emerged for Russia. High inflation is coming, as is an immediate lurch into recession.
On Sunday evening, Russian state TV hosts were exhorting their listeners to hold the line despite the tough economic times ahead, describing a period of economic isolation and autarky that recalls some of the world’s most troubled pariah states. The central bank said it would resume buying gold on the domestic market and provide unlimited liquidity for domestic markets in order to keep the financial system afloat.
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