How will sanctions impact Russia?

Business Daily

BBC

News, Business

4.4 • 796 Ratings

🗓️ 23 February 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

A series of governments on both sides of the Atlantic have announced punitive measures in response to Russia ordering troops into rebel-held regions of eastern Ukraine. But how much of an impact will these sanctions actually have on Russia?

In addition to restrictions on banks and access to capital markets, a number of individuals have had assets frozen. We speak to veteran anti-corruption campaigner Bill Browder, who has written a book "Freezing Order" about Russian money-laundering. Also Maria Shagina, a visiting senior fellow at the Finnish Institute of International Affairs, who isn't convinced that the sanctions targeting individuals will work, but says financial institutions may be vulnerable.

Vladimir Putin's move has not triggered the full range of sanctions Western nations have prepared though. We hear from Hal Hodgson, technology reporter for The Economist, who says freezing out of the trade in western technology has had a devastating effect against the Chinese technology firm Huawei and could be deployed if tensions escalate.

Plus we get the latest market reaction to the international response from Justin Urquhart Stewart of Regionally Investment.

Picture: A group of people hold signs at the front of the Ukrainian Foreign Ministry Credit: Chris McGrath/Getty Images

Transcript

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0:00.0	Hi there, I'm Ed Butler. Welcome to Business Daily from the BBC.
0:05.5	Today, politicians in Europe and America unite to sanction Russia after its military advance into Ukraine.
0:13.5	We're implementing full blocking sanctions.
0:16.5	We're implementing comprehensive sanctions on Russian sovereign debt.
0:19.9	That means we've cut off Russia's
0:22.2	government from Western financing. They will hit Russia very hard, and there is a lot more that
0:27.9	we are going to do in the event of an invasion. We can't have some suggestion that Russia has
0:34.1	some just case here that they're prosecuting.
0:38.0	They're behaving like thugs and bullies.
0:40.7	But what do all the sanctions amount to? What difference will they make?
0:44.8	That's Business Daily from the BBC.
0:51.0	Tuesday certainly was a busy day in Western capitals
0:53.9	as a series of governments on both sides of the Atlantic
0:56.7	announced punitive measures in response to Russia's military advance into eastern Ukraine.
1:03.0	President Putin's recognition of two breakaway Ukrainian republics was a flagrant breach of international law.
1:10.7	According to President Biden, who does he think he is?
1:14.0	We're implementing full blocking sanctions on two large Russian financial institutions.
1:20.2	That means we've cut off Russia's government from Western financing.
1:25.0	It can no longer raise money from the West and cannot trade in its new
1:30.2	debt on our markets or European markets either. Starting tomorrow and continuing in the days ahead,
1:37.4	we'll also impose sanctions on Russian elites and their family members.
1:41.6	These sanctions, you might call them, an extension of other measures already imposed
	...

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