December 2, 2023

Russia compiles list of 'enemy' countries -

Russia compiles list of ‘enemy’ countries –

Any Russian company wishing to work with individuals or companies from the new list of “enemy countries” will need the approval of the government, Moscow said after the list was released on Saturday (March 8).

Russia’s alleged enemies include all 27 EU member states, including Monaco, Switzerland, Norway, Iceland and San Marino, the United States, the United Kingdom, Canada, Australia, Switzerland, Japan, South Korea, New Zealand, Singapore, and Taiwan.

Albania, Montenegro and northern Macedonia are from the Western Balkans. Serbia, on the other hand, is not on the list. The EU candidate has refused to impose sanctions on Russia and maintains friendship with the Kremlin.

Classifying one state as the “enemy” would, among other things, make it possible for companies from Russia to pay off debts in rubles only. Furthermore, all institutional transactions with these countries must be approved by the Russian Government Commission.

The Russian ruble is depreciating rapidly due to Western sanctions. On Tuesday, the US dollar traded at 155 rubles, up from about 80 rubles at the end of February.

According to reports, the borrower may ask a Russian bank to open a special account in rubles in the name of the foreign lender and pay in Russian currency the amount due at the exchange rate of the day. The transaction will cost over 10 million rubles ($ 65,000) per month.

The move is Russia’s second response to unprecedented sanctions imposed by the West following Russia’s February 24 occupation of Ukraine. Earlier, Russia had already banned flights from certain countries after most EU countries closed their airspace to Russian aircraft.

Meanwhile, Western allies’ sanctions against Russia have caused significant losses to their own banks, businesses and investors, Reuters reported on Tuesday.

From Société Générale SA and BP Plc in Europe to Citigroup Inc in the US, Western companies have valued their Russian exposure in the billions – they could lose money now.

A major US bank estimates that Western exposure through its companies and its transactions with Russia’s central bank will be about $ 400 billion.

Korean companies already doing business with Russia are their own Care Revealed about the depreciation value of the ruble.

[Bearbeitet von Alice Taylor]