Sanctions on Russia

Josep Borrell

Inserted 2 months ago

“Today, we are further tightening the restrictive measures against Russia's military and defence sector. We remain united in our determination to dent Russia's war machine and help Ukraine win its legitimate fight for self-defence.”

Aljazeera

EU High Representative for Foreign Affairs and Security Policy

23 Feb 2024 3 3

Janet Yellen

Inserted 4 months ago

“Today we are taking steps to level new and powerful tools against Russia's war machine. And we will not hesitate to use the new tools provided by this authority to take decisive and surgical action against financial institutions that facilitate the supply of Russia's war machine.”

Aljazeera

United States Secretary of the Treasury

22 Dec 2023 3 2

Oleg Panteleev

Inserted 8 months ago

“Russian airlines have solved the problem of operating under Western sanctions. At first there was a shock, no one knew what to do. After two to three months, new supply channels were found and, after six or nine months, quite a lot of alternatives appeared, which allowed for a reduction in prices and delivery times.”

Reuters

Head of the AviaPort aviation think-tank in Moscow

23 Aug 2023 3 3

Josep Borrell

Inserted 1 year ago

“Banning 90% of Russian oil imports gives a big blow to Putin's war chest. Withdrawal of Patriarch Kyrill shows limits of foreign policy based on unanimity. Religious leaders should not be shielded from responsibility for supporting Putin's war.”

Twitter

EU High Representative for Foreign Affairs and Security Policy

03 Jun 2022 6 4

Vladimir Putin

Inserted 1 year ago

“Western governments guided by short-sighted, inflated political ambitions and by Russophobia, deal a much harder blow to their own national interests, their own economies and the well-being of their own citizens. We see it above all by looking at the sharp rise of inflation in Europe which is close to 20% in some countries. It is obvious that... the continuation of the obsession with sanctions will inevitably lead to the most difficult consequences for the European Union, for its citizens. Russia is confidently managing in the face of external challenges.”

Themoscowtimes

President of Russia

12 May 2022 5 5

Art Woo

Inserted 1 year ago

“All things considered, it's holding up better than initially expected. The Russian economy is still projected to fall into a recession later this year. But so far, it has managed to blunt the harshest economic consequences of the Western sanctions.”

Cbc

Senior economist with the Bank of Montreal

04 May 2022 3 5

Clayton Allen

Inserted 2 years ago

“You've kind of hit the ceiling - on both sides of the Atlantic - for what can be done easily and what can be done in short order. To move to a tougher round of sanctions, U.S. officials will need to provide some assurances to European countries that energy markets and supplies can be stabilized to avoid severe economic hardship. If Western Europe is plunged into a recession, that's going to drastically limit the amount of support - both moral and material - that they can provide to Ukraine.”

Reuters

U.S. director at the Eurasia Group political risk consultancy

06 Apr 2022 7 2

Benn Steil

Inserted 2 years ago

“We are at the point where we have to take some pain. The initial batches of sanctions were crafted as much to not hurt us in the West as much as they were to hurt Russia.”

Reuters

International economics director for the Council on Foreign Relations think tank in New York

06 Apr 2022 3 3

Edward Fishman

Inserted 2 years ago

“The U.S. and Europe I do believe deserve a lot of credit for the solidarity and resolve they've shown on sanctions. The sanctions are clearly impacting Russia's economy dramatically. However, I think that we've stalled out a bit. There's a lot of room for escalation.”

Politico

Former Obama State Department official who played a central role in crafting sanctions after Russia’s 2014 invasion of Crimea

31 Mar 2022 2 4

Guido Chamorro

Inserted 2 years ago

“The thing about defaults is that they are never clear-cut and this is no exception. There is a grace period, so we are not really going to know whether this is a default or not until April 15. Anything could happen in the grace period.”

Reuters

Pictet emerging market portfolio manager

16 Mar 2022 3 3

Boris Johnson

Inserted 2 years ago

“In another economic blow to the Putin regime following their illegal invasion of Ukraine, the UK will move away from dependence on Russian oil throughout this year, building on our severe package of international economic sanctions. Working with industry, we are confident that this can be achieved over the course of the year, providing enough time for companies to adjust and ensuring consumers are protected.”

Reuters

UK Prime Minister

08 Mar 2022 6 5

Yeap Jun Rong

Inserted 2 years ago

“The Ukraine-Russia conflict will continue to dominate market sentiments and no signs of conflict resolution thus far may likely put a cap on risk sentiments into the new week. It should be clear by now that economic sanctions will not deter any aggression from the Russians, but will serve more as a punitive measure at the expense of implication on global economic growth. Elevated oil prices may pose a threat to firms' margins and consumer spending outlook.”

Aljazeera

Market strategist at IG in Singapore

07 Mar 2022 5 3

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

Vladimir Putin

Inserted 2 years ago

“These sanctions that are being imposed are akin to a declaration of war but thank God it has not come to that.”

Reuters

President of Russia

05 Mar 2022 2 3

Dmitry Peskov

Inserted 2 years ago

“As you understand, there must be a corresponding response to economic banditry. This does not mean Russia is isolated. The world is too big for Europe and America to isolate a country, and even more so a country as big as Russia. There are many more countries in the world. Russia ... has an interest in being attractive for investment. Yes, now is hardly a time when we can talk about being attractive for investment, but times change quickly. A time of surging economic growth will replace this time. And a time when these same companies will again return to the market, and will be more than interested in catching up on what they've missed out on and restoring their positions. In some areas, we'll really wait for them [the companies]. In other places we'll wait for them less as their places will be taken by companies from other countries.”

Reuters

Kremlin spokesman

05 Mar 2022 4 4

Paul Krugman

Inserted 2 years ago

“So far, economic pressure against Russia appears to be highly effective, crimping Russian trade even in goods that haven't officially been placed under sanctions. The financial restrictions that have already been imposed have made transactions with Russia - even the purchase of oil - difficult; fears of future sanctions, plus the general sense that any Western institutions perceived as helping the Putin regime will face harsh treatment from regulators, have led to widespread self-sanctioning, cutting off even trade that is formally permitted.”

Nytimes

Op-Ed columnist, Distinguished Professor at the City University of New York Graduate Center, 2008 Nobel Prize in Economic Sciences

04 Mar 2022 6 2

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

Xu Wenhong

Inserted 2 years ago

“If the US and EU freeze Russia's foreign reserves, it would reduce Russia's ability to interfere with the ruble's exchange rate through foreign reserves, and the ruble might face another drop.”

Globaltimes

Deputy research fellow under the Institute of Russian, East European & Central Asian Studies under the Chinese Academy of Social Sciences

01 Mar 2022 5 4

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

Gary Ng

Inserted 2 years ago

“With China's support, the pressure on Russia will definitely be less, especially for financial linkages. This is especially true as Russia is isolated and China is the only country with meaningful economic size that can offer help. The real tricky moment will come if the US expands the scope and enforces secondary sanctions, which will become a tug-of-war between China's support for Russia versus whether the West is willing to pressure or put secondary sanctions on China given its large role in global trade. The pressure campaign could prompt ostracised countries to seek to reduce dollar dependency and establish more cross-border payment systems. This can hurt the effectiveness of sanctions over time, but a complete replacement of the dollar remains very unlikely.”

Aljazeera

Asia economist at Natixis

28 Feb 2022 7 5

Ipse Dixit

Ipse Dixit

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“Today, we are further tightening the restrictive measures against Russia's military and defence sector. We remain united in our determination to dent Russia's war machine and help Ukraine win its legitimate fight for self-defence.”

“Today we are taking steps to level new and powerful tools against Russia's war machine. And we will not hesitate to use the new tools provided by this authority to take decisive and surgical action against financial institutions that facilitate the supply of Russia's war machine.”

“Banning 90% of Russian oil imports gives a big blow to Putin's war chest. Withdrawal of Patriarch Kyrill shows limits of foreign policy based on unanimity. Religious leaders should not be shielded from responsibility for supporting Putin's war.”

“All things considered, it's holding up better than initially expected. The Russian economy is still projected to fall into a recession later this year. But so far, it has managed to blunt the harshest economic consequences of the Western sanctions.”

“We are at the point where we have to take some pain. The initial batches of sanctions were crafted as much to not hurt us in the West as much as they were to hurt Russia.”

“The U.S. and Europe I do believe deserve a lot of credit for the solidarity and resolve they've shown on sanctions. The sanctions are clearly impacting Russia's economy dramatically. However, I think that we've stalled out a bit. There's a lot of room for escalation.”

“The thing about defaults is that they are never clear-cut and this is no exception. There is a grace period, so we are not really going to know whether this is a default or not until April 15. Anything could happen in the grace period.”

“These sanctions that are being imposed are akin to a declaration of war but thank God it has not come to that.”

“If the US and EU freeze Russia's foreign reserves, it would reduce Russia's ability to interfere with the ruble's exchange rate through foreign reserves, and the ruble might face another drop.”

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