Russia invasion of Ukraine - Economic consequences for Russia | Ipse by Context

Anton Siluanov

Inserted 2 years ago

“Of course we will sue, because we have taken all the necessary steps to ensure that investors receive their payments. We will present in court our bills confirming our efforts to pay both in foreign currency and in roubles. It will not be an easy process. We will have to very actively prove our case, despite all the difficulties.”

Reuters

Minister of Finance of the Russian Federation

11 Apr 2022 4 3

Dmitry Peskov

Inserted 2 years ago

“Russians have absolutely no need to run to the shops and buy-up buckwheat, sugar and toilet paper. The fuss around supplies in food stores is extremely emotional.”

Themoscowtimes

Kremlin spokesman

18 Mar 2022 1 2

Mario Bikarski

Inserted 2 years ago

“So far there hasn't been very much of a strong government position. There's been no concrete or clearly set-out measures to respond to these sanctions. Different members of the government, including Putin, have said that the situation will be managed and that Russia will survive. But what they've implemented so far are things like tax breaks, credit holidays, and some financial support to large businesses. This will not be sufficient at all. Back in the 1990s there was some international support coming to Russia's aid during this time of crisis. This will not be happening right now. Russia will have virtually no access to any international financing or support.”

Themoscowtimes

Analyst at the Economist Intelligence Unit

12 Mar 2022 4 4

Ruben Enikolopov

Inserted 2 years ago

“In terms of the government, the problem is that they're silent about the economy. The first reaction for many of them - because they grew up in the Soviet Union, so that's the mentality they have - is price controls and things like that. They might work temporarily, but in the long-run it's a disaster for the economy. It's really hard to even imagine what the government can do. In some senses they're hostage to this situation. All the main events are completely unrelated to the government's decisions. The danger of this approach [nationalization of property of foreign investors and government-mandated prices] is it works in the short-term. But this is a crisis that will be very prolonged. The closer we are to a planned economy, the more the government intervenes and nationalises, the harder it will be for the economy to adjust and more likely it will end up really bad.”

Themoscowtimes

Economist and rector of Moscow's New Economics School

11 Mar 2022 6 3

Joe Biden

Inserted 2 years ago

“We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin's war machine. The United States produces far more oil domestically than all the European countries combined. We can take this step when others cannot, but we're working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy, as well.”

Aljazeera

President of the United States

08 Mar 2022 7 4

Peter Piatetsky

Inserted 2 years ago

“China can essentially do one thing here, which is to buy more Russian goods, but they don't seem to be willing to do that and Russia doesn't have that many different goods that China is willing to buy. The relationship between Russia and China is very transactional. It's not an ideology-based relationship. They both dislike the United States and dislike the U.S.-led world order, but aside from that, I don't think there's much there.”

Rferl

Ormer U.S. Treasury official and now CEO of the consultancy Castellum.AI

05 Mar 2022 3 6

Chrystia Freeland

Inserted 2 years ago

“Tariffs and retaliation and sanctions are the most effective when you can devise policies that have the maximum impact on the counter party whose attention you are seeking to get, and do the minimal damage to yourself. So far, sanctions have been structured to avoid harming Canadian business interests. If we are truly determined to stand with Ukraine, if the stakes in this fight are as high as I believe them to be, we have to be honest with ourselves, I have to be honest with Canadians, that there could be some collateral damage in Canada and that's something that the G7 finance ministers discussed very early this morning. I cannot announce those additional measures today. We are discussing them, we are working with our partners and allies. We have suggested many things, as have our allies. We believe that the most effective thing to do is to work together to announce measures together and we will continue to do that.”

Cbc

Canada Finance Minister

01 Mar 2022 8 6

Lin Jiang

Inserted 2 years ago

“This round of financial sanctions will have on Russia is that the country won't be able to channel its foreign exchange reserves deposited at overseas banks into Russia, thus immobilizing a powerful tool to prop up the ruble while it is under severe pressure of depreciation. If the ruble is left to plunge, it will frighten away investors, whether domestic or abroad, causing capital to flee Russia and triggering inflation risks.”

Globaltimes

Professor of economics at Sun Yat-sen University

01 Mar 2022 6 3

Joe Biden

Inserted 2 years ago

“If Russia undertakes a further invasion of Ukraine, the United States together with our allies and partners will respond decisively and impose swift and severe costs on Russia. While the United States was prepared to engage in diplomacy, we are equally prepared for other scenarios.”

Themoscowtimes

President of the United States

12 Feb 2022 3 6

Thomas Graham

Inserted 2 years ago

“Russia has worked to sanctions-proof its economy, it has reduced the share of dollars in its foreign currency reserves in favour of the euro and yuan, it has sold off dollar-denominated assets in its sovereign wealth fund, and it has moved to payment in local currencies in its energy trade with China. But the Georgian crisis of 2008 and the Ukraine crisis of 2014 were not initiated by Russia because of high oil prices. Russia was responding to developments that it believed jeopardised its security, much as it would say it is doing today.”

Aljazeera

Former White House adviser on Russian affairs and distinguished fellow at the Council on Foreign Relations

04 Feb 2022 6 5

Liz Truss

Inserted 2 years ago

“Any Russian incursion would be a massive strategic mistake and would be met with strength, including coordinated sanctions with our allies to impose a severe cost on Russia's interests and economy.”

Aljazeera

British Foreign Secretary

23 Dec 2021 4 3

Nikolay Mitrokhin

Inserted 2 years ago

“It would be suicidal for Russia to start the invasion because the US and the EU will stop buying Russia's hydrocarbons and fertiliser and will give up on Nord Stream 2, a brand new natural gas pipeline to Germany that awaits certification. Russia will lose two-thirds of its foreign trade revenues, while US energy companies will reanimate their shale oil and liquefied natural gas projects to compensate for the lost exports from Russia. The very existence of Putin's regime that stands on oil exports will be in question.”

Aljazeera

Research Fellow at Bremen University

03 Dec 2021 13 2

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Russia invasion of Ukraine - Economic consequences for Russia

“Russians have absolutely no need to run to the shops and buy-up buckwheat, sugar and toilet paper. The fuss around supplies in food stores is extremely emotional.”

“If Russia undertakes a further invasion of Ukraine, the United States together with our allies and partners will respond decisively and impose swift and severe costs on Russia. While the United States was prepared to engage in diplomacy, we are equally prepared for other scenarios.”

“Any Russian incursion would be a massive strategic mistake and would be met with strength, including coordinated sanctions with our allies to impose a severe cost on Russia's interests and economy.”

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