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FT News Briefing

Will sanctions create a backlash against the dollar?

FT News Briefing

Forhecz Topher

News, Daily News, News & Politics

4.41.3K Ratings

🗓️ 8 April 2022

⏱️ 8 minutes

🧾️ Download transcript

Summary

French bank shares and bonds were rattled this week after the recent poll showed stronger results for right-wing French presidential candidate, Marine Le Pen.

Aluminium producer Rusal became the first Russian company to publicly call for an investigation into the alleged war crimes in the Ukrainian town of Bucha, and FT markets editor, Katie Martin, discusses whether sanctions against Russia might affect the global dominance of the US dollar. 


Mentioned in this podcast:

Le Pen’s poll surge rattles French bonds and bank stocks

Russian aluminium producer Rusal calls for Bucha war crimes investigation

Financial warfare: will there be a backlash against the dollar?

FTNB: Russia’s war on Ukraine boosts China’s financial ambitions

Ketanji Brown Jackson confirmed for US Supreme Court seat


The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. 


Read a transcript of this episode on FT.com


Hosted on Acast. See acast.com/privacy for more information.

Transcript

Click on a timestamp to play from that location

0:00.0

The FT News Briefing is supported by Equinole, the UK's energy partner.

0:06.4

Learn more at equinole.co.uk

0:09.9

Good morning from the Financial Times.

0:11.5

Today is Friday, April 8th, and this is your FT News Briefing.

0:18.4

French financial markets have been a bit wonky in the lead up to Sunday's big election.

0:23.1

One of Russia's biggest companies is calling for an impartial investigation into reports

0:27.6

of atrocities in Ukraine, plus Western sanctions against Russia have frozen Moscow's ability

0:33.2

to access U.S. dollars, and there's never been anything like it.

0:37.6

It's only really over the past couple of days and weeks that people have started to chew over

0:44.1

what are the long-term ramifications of this.

0:47.9

One possibility is a backlash against the dollar.

0:51.6

The FT's Katie Martin explains why.

0:53.4

I'm Mark Filipino, and here's the news you need to start your day.

1:01.6

This Sunday, French voters will cast ballots in the first round of a presidential election.

1:06.4

President Domenio Macron is seeking a second term and he's in the lead,

1:10.5

but polls have shown a steady rise in support for his biggest rival,

1:14.6

far-right candidate, Marine Le Pen.

1:16.6

And this week, France's financial markets, they got nervous.

1:20.8

Bank shares for one at a sharp fall.

1:23.0

Here's the FT's Paris Correspondent Sarah White.

1:26.2

Banks have reacted in particular partly because

1:31.0

they're a bit of a proxy for political risk in the economy that just very broadly exposed

...

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