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I hope that the sanctions don't impact Russia too much. The world needs a counterbalance.
The world needs a counterbalance.
Two Weeks Into War, Russia’s Economy Has Rarely Fared Worse Than NowTwo weeks into Russia’s invasion of Ukraine, the war has inflicted a domestic toll that’s already comparable to the worst downturns of President Vladimir Putin’s more than two decades in power.Tripped up by international sanctions, an economy that was on track to expand for a second year swung into reverse in a matter of days. In one of the first assessments of the damage already done, Bloomberg Economics’ nowcast suggests output has fallen about 2% -- a drop that rivals the full-year contraction during the pandemic in 2020. The decline means more than $30 billion has been erased from Russia’s annual gross domestic product, based on last year’s prices. Bloomberg Economics’ initial forecast is for Russia’s full-year GDP to slump about 9% in 2022. Read more: How Big Is War GDP Hit So Far? Nowcast Says 2%Putin sought to reassure Russians on Friday, insisting that the Soviet Union grew and “achieved colossal successes” while under sanctions. But the depth of hardship at home may well test the nation’s resolve should the war in Ukraine turn into a prolonged conflict and result in additional sanctions. Russia is already headed for one of its biggest inflation spikes this century and the risk of shortages is prompting the government to impose restrictions on exports.Bloomberg Economics’ gauge of activity suggests the collapse in the early days of the war resembles downturns during the Covid-19 shock and the global financial crisis. GDP shrank almost 8% in 2009.Nowcasting the Impact of War, Sanctions on Russia’s EconomyThe outlook for the year ahead is fluid and estimates vary widely among economists, ranging from the Institute of International Finance’s call for a “very deep recession” of 15% to a contraction of 7% seen by JPMorgan Chase & Co. and Goldman Sachs Group Inc.A March survey of analysts by the Bank of Russia found the economy is expected to shrink 8% this year, compared with February’s forecast for a gain of 2.4%.Worst to ComeThe nowcast points to a large economic impact, based on the little information that’s available. But a much more severe downturn likely lies ahead, given the scope of the dislocation in Russia’s economy.The measure may be understating the extent of the decline because stock prices are one of its four main components and the extended closure of local equity markets limits the amount of data. Bloomberg Economics factored in the performance of Russian securities before MSCI Inc. removed them from its indexes.Other inputs used to measure activity are the ruble-dollar exchange rate, corporate bond yields and oil prices. Despite capital controls and the biggest interest-rate increase in almost two decades, the ruble has lost about 37% of its value in this year’s worst performance worldwide.Russia is moving into a “deep recession,” with the ruble’s plunge driving up inflation and severely denting the purchasing power of the Russian population, International Monetary Fund Managing Director Kristalina Georgieva told reporters Thursday.
Example: Government spending adds to GDP.
I agree. The world needs to be multi-polar, and it currently is not. It's GloboCap all the way down.
Everyone posting on this forum has enjoyed unprecedented peace and prosperity in our lives thanks to Pax-Americana. We are truly one of the luckiest generations in recorded history in terms of not having to suffer from militarized violence like all of our ancestors.
And Debt, Outsourcing including the utter hollowing out of huge swaths of US Cities - esp. smaller cities like Scranton, Cinncinati, Binghampton, etc., and CRT/BLM bullshit. In 1990 it was unthinkable to have women in combat arms, and if you said Crossdressing perverts would be openly wearing makeup and sporting padded bras in the US Army in 30 years, would have laughed you out the room. Much less Drag Queens in Public Libraries with Kindergarten Kids.$30T in debt, 120% of GDP, and that's just Federal - not including State or Private debt. Without a damn thing to show for it.
If you think Putin is going to pay Russian money to rebuild what he is destroying in Ukraine, you are mistaken. He has no intention of keeping it
The Russian military is getting better as time goes by. They are kinda new at this.
Putin just ain't conscripting anyone,
Misc saysPutin just ain't conscripting anyone,Yeah, I'd like to see how well that would go over.
LONDON (Reuters) - The world’s top association of ship certifiers has withdrawn membership from the Russia Maritime Register of Shipping (RS) due to the impact of sanctions on Moscow after its invasion of Ukraine, in another blow to the country’s vital shipping sector.Classification societies provide services such as checking that ships are seaworthy, and this certification cover is essential for securing insurance and entry into ports.In recent days, Britain’s LR and Denmark’s DNV, have both announced they were stopping or winding down their business ties with Russia.The International Association of Classification Societies (IACS), which had 12 members previously including LR and DNV and forms the top tier of ship certifiers globally, said late on Friday it was withdrawing RS’ membership with immediate effect, which it said was “no longer tenable”, citing UK sanctions on Russia where IACS is domiciled.
11.03.2022 - 07:13 UTCAn An-124-100 freighter belonging to Russian cargo specialist Volga-Dnepr Airlines (VI, Ulyanovsk Vostochny), carrying Covid-19 testing kits previously ordered from China by the Canadian government, has been seized at Toronto Pearson Airport amid international sanctions against Russia imposed after its invasion of Ukraine.RA-82078 (msn 9773054559153) was detained on February 28 after the European Union and Canada - but before the United States - initiated airspace flight bans paralysing the movement of aircraft operated by Russian airlines carrying passengers or cargo.The Antonov Design Bureau freighter, which had landed at Toronto the previous day via a refuelling stop at Anchorage Ted Stevens, is now stored there, the ch-aviation fleets advanced module shows, and it will remain there for the foreseeable future, according to Omar Alghabra, Canada’s minister of transport.Volga-Dnepr Airlines, whose subsidiaries include AirBridgeCargo, Atran, and London Stansted-based CargoLogicAir, operates eleven An-124s, three of which are currently active, among its all-owned fleet of sixteen aircraft....Distinctive for its nose-loading cargo bay, the An-124 “Ruslan” entered service in 1986 and fewer than 60 were ever made. Less than half are still in use. Antonov Design Bureau is a state-owned Ukrainian manufacturer. The Ruslan is the second-heaviest freighter in the world after the majestic An-225 “Mriya”. The world’s only An-225 was destroyed in a Russian airstrike on Gostomel airport in the first days of the invasion.
All these sanctions will ultimately drive the creation of alternative systems, which is already happening as Russia starts to trade with China in their own currency, and prepares to sell oil to India.
End offshoring, end outsourcing.
Eric Holder saysEnd offshoring, end outsourcing. I agree with that, but it's going to be a bumpy ride downward for quite a while.
A Russian-owned superyacht can't leave a dock in Norway — not because of sanctions, but because no one in the port will sell it fuel. The Ragnar is owned by Russian oligarch Vladimir Strzhalkovsky, a former KGB agent who has long been linked to Russian President Vladimir Putin."We find the discrimination against us, extremely unjust," the yacht's captain, Robert Lankester, wrote in a message decrying the ship's predicament. He noted that Strzhalkovsky is not currently on a European or U.K. sanctions list. And, he said, the yacht's crew is not Russian.Lankester's public notice was highlighted by Norwegian public broadcaster NRK, which reports that the Malta-registered ship is sitting at a quay in Narvik, a port city in northern Norway.Strzhalkovsky is the former head of mining giant Norilsk Nickel. The 68-meter (223 feet) Ragnar was custom-built on the hull of a former service ship capable of pushing its way through ice. Part of its bespoke interior evokes a cozy British pub, according to a profile in Boat International. And while its amenities include "a BigBo amphibious ATV, heli-skiing equipment, four See-Doos, four ski scooters, six Seabobs, a multipurpose island and a giant slide," it currently can't find anyone who will fill its fuel tanks.Let them row home, a local supplier told NRK.
China tells Biden to Fuck Off on sanctions. After all, they have all the shit on Biden, too, if he decides to grow balls.
They also know that 80% of the supply Chain, including Japanese and Taiwanese and South Korean brands, lead back to Shenzhen. It'll be YEARS before it can be replaced, and the manufacturing experts are dead or retired in the USA.
(Reuters) -Russia’s central bank kept its key interest rate at 20% on Friday following an emergency rate hike in late February and warned of an imminent spike in inflation and a looming economic contraction.
Unable to buy $30/lb luxury Italian Cheese, $30/bottle midrange French Wines, expensive German Audio Equipment... what will the Russians do with themselves?
Good. Let's hope the whole covfefe usher the long-overdue decoupling from that Commie shithole.
Eric Holder saysGood. Let's hope the whole covfefe usher the long-overdue decoupling from that Commie shithole.What the hell does S.F. have to do with all this?
I got an interesting lesson from Russia here. They were prepared for sanctions, they sanction proofed their economy
FortWayneAsNancyPelosiHaircut saysI got an interesting lesson from Russia here. They were prepared for sanctions, they sanction proofed their economyHave they really? How do you know?
Eric Holder saysFortWayneAsNancyPelosiHaircut saysI got an interesting lesson from Russia here. They were prepared for sanctions, they sanction proofed their economyHave they really? How do you know?I read it on the news, that any impact isn't going to affect them much, as they prepared and were expecting it. Basically, they aren't stupid.
GIBRALTAR (Reuters) - A luxurious super-yacht linked to the owner of Russia’s largest steel pipe maker, who is currently under British and European Union sanctions, docked in Gibraltar on Monday and was then detained by the authorities.Western sanctions on Russian oligarchs over Moscow’s invasion of Ukraine have triggered an exodus of luxury yachts from Europe in recent weeks, with several heading towards the Maldives, which has no extradition treaty with the United States.Reuters TV footage showed the “Axioma”, believed to be owned by Dmitrievich Pumpyansky, owner of steel group TMK, moored at Gibraltar, a British Overseas Territory on the southern tip of the Iberian peninsula, flying a Maltese flag.Britain imposed sanctions on hundreds of Russian individuals and entities last week, enabling authorities to freeze their assets.Refinitiv data show the 72-metre vessel is owned by a British Virgin Islands holding company called Pyrene investments. An article published by the International Consortium of Investigative Journalists as part of the Panama Papers leaks names Pumpyansky as a beneficiary of the holding.