Sanctions against Russia take bite
Business Daily
BBC
4.4 • 796 Ratings
🗓️ 28 February 2022
⏱️ 17 minutes
🧾️ Download transcript
Summary
How the latest penalties for invading Ukraine will hit Russia, and may also spill over into the world economy.
Ed Butler explores what the democratic world hopes to achieve with their targeting of the Russian Central Bank's currency reserves, as well as the exclusion of major Russian banks from the global communications network Swift. Elina Ribakova, deputy chief economist at the Institute of International Finance, says it will put a huge strain on Russia's economy and finances, although the authorities may be able to fend off the worst effects for months yet.
Meanwhile, historian Adam Tooze notes that Russia's biggest export - oil and gas exports - have been carved out of the latest round of sanctions, softening their impact. While lawyer Nigel Kushner explains how hard it may be for the Russian authorities and oligarchs to circumvent the new restrictions.
(Picture: A demonstrator holds a poster reading "Ban Russia from SWIFT" during a protest against Russia's invasion of Ukraine; Credit: Hans Punz/APA/AFP via Getty Images)
Transcript
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| 0:00.0 | Hi there, my name's Ed Butler. Welcome to Business Daily from the BBC. |
| 0:06.2 | Coming up, unprecedented sanctions moves against Russia, prompting possibly a run on the banks in Moscow. |
| 0:13.3 | We have seen increasing bank runs, sharp sell-offs in the ruble and other financial assets. |
| 0:19.7 | And already the common people are being hit. |
| 0:22.1 | They realize that their deposits might be lost in foreign exchange. |
| 0:26.3 | But will these punitive sanctions against Russia from the West change President Putin's mind |
| 0:31.9 | as he pursues war in Ukraine? |
| 0:33.9 | If Putin had been seriously concerned about the state of the Russian economy, he would never have engaged in this action. |
| 0:40.4 | And in fact, the combination, I think, of the financial sanctions on the one hand and the arms deliveries could very easily tip the calculus in Moscow to essentially a punitive mode regardless of the costs for them. |
| 0:51.7 | Coming up, Business Daily from the BBC. |
| 1:02.0 | Thank you. regardless of the costs for them. Coming up, Business Daily from the BBC. This is a sound on the streets of Moscow today. |
| 1:05.1 | Long lines at ATM machines, people are clearly worried about their deposits |
| 1:09.2 | in the wake of an unprecedented slump |
| 1:11.7 | in the value of the Russian currency, the ruble. There are some people who are talking to us, |
| 1:18.0 | not many, about the problem of getting money. |
| 1:23.9 | It won't impact me at all because I'm not too rich, an average earner, but it will impact our country, I think. |
| 1:30.5 | But still, we will overcome it all. |
| 1:32.3 | We are people who have managed lots of ups and downs through different times, and we will overcome this one too, because it is for the greater good. |
| 1:46.1 | All foreign goods are paid for with card. How will we purchase them? I work in the central |
| 1:52.2 | department store. How will it buy clothes from Italy? In other cases, I don't know what the impact |
| 1:57.8 | will be. Everything's working in Russia, but there could be some shortages. |
| 2:03.6 | Well, there are reports of at least some bank machines running out of cash today |
... |
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