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The sanctions against Russia, in particular economic and financial, went up a notch on Friday, February 25. It remains to be seen what the real impact of these decisions will be on the Russian economy.
To weaken Vladimir Putin, the West wants to empty its wallet. The US, UK, Canada and Europe have taken targeted sanctions. Brussels will freeze the assets of Putin, whose fortune is estimated at several billion euros. “The freezing of a foreign leader’s assets is often a measure that is very symbolic. The direct impact is relatively weak, in general this type of leader has already planned for his assets to be in areas that do not are not directly concerned”explains Christopher Dembik, economist at Saxo Bank.
The most important measures are aimed at the Russian state. The Kremlin can no longer borrow money in Europe. Cutting-edge technologies, software and electronic components, will no longer be sold to it, just like aircraft or aeronautical parts. In recent years, however, Russia has filled its coffers with gold and currencies from around the world, the equivalent of 600 billion dollars. It has also forged ties with China. Europe has one last weapon: cutting off Russia’s access to the Swift banking network, which allows payments to be made worldwide.
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