“The Russian economy has never succeeded in freeing itself from oil revenues.”

Grandstand. The Russian economy is beginning to feel the influence of the Kremlin’s ruler’s military adventurism. On February 28, 2022, the Central Bank of Russia raised the key rate to 20% and the ruble fell by 30%, but financial authorities abandoned the reopening of Moscow’s main financial center, MOEX. There is still. In an uncertain atmosphere that has been known several times since the dissolution of the Soviet Union since Thursday, February 24, the day of the invasion of Ukraine, individuals are in front of ATMs and exchanges to recover some of their assets. I’m lining up in a row.

The problem this time is not the fall in oil prices, but the highest level. This is the main difference from the 1998, 2008-2009, or 2014-2015 financial crisis that shook the country against the backdrop of falling prices. Today’s problem lies in the financial sector, wondering if it can withstand the impact of Western sanctions. A partial disconnection of the Swift system. [un dispositif de messagerie électronique sécurisée qui permet les transactions bancaires entre les pays]Banned access to refinancing in dollars and euros by some major banking players, and significantly restricted the possibility of the Central Bank of Russia mobilizing foreign exchange reserves of over $ 630 billion.

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Russia’s financial system is atypical. Built in a hurry in the 1990s, banks are still dominant, the main banks of which are public institutions.Financial Markets Tight – President Dmitry Medvedev [président de la Fédération de 2008 à 2012, puis du gouvernement de 2012 à 2020] I dreamed of making Moscow a major financial center in Europe, but I couldn’t. And it relies heavily on energy and bank stocks. Several major private banks (subsidiaries of Alfa-Bank, Rosbank and Société Générale) also remain, and their main activity is to secure the cash flow of the companies they depend on. The Central Bank of Russia and VEB, a public “development” bank that invests in infrastructure and manages some of Russia’s sovereign wealth funds, completes the landscape.

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Prudent monetary policy

Russia’s financial system is not dormant. The Central Bank of Russia has pursued a patient policy of consolidation, closure and restructuring of risky or difficult banks. Inaugurated in 2013 under the leadership of Elvira Nabioullina, he has worked to implement cautious and somewhat technical monetary policy, eliciting the wrath of “developer” backed by the industrial lobby and complaining that access is not obstructed. I’m holding you. In the early 1990s, public liquidity. In doing so, the governor has built up international trust. Mmyself Nabioullina earned the title of Europe’s premier central banker by implementing disinflation in 2017 after two years of difficult years associated with the first Ukraine crisis and falling oil prices.

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