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By Tyler Durden, Over the past week, we first noted that amid broad economic sanctions, there were numerous Russian gold refiners on the LBMA’s “Good Delivery” list, and subsequently we said that this “begged the question as to what would the LBMA do about the large number of Russian gold refineries on the LBMA Good Delivery Lists, refiners which […]
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By Tyler Durden, Yesterday, when reporting that both Visa and MasterCard had suspended operations in Russia just hours after Ukrainian President Volodymyr Zelenskiy called on the companies to halt all business in Russia during a video call with U.S. lawmakers, we said that “with this latest escalation in Russia’s comprehensive expulsion from the western financial system, expect […]
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From ZH Last week, following reports that as part of its countersanctions, the Russian central bank had banned payments to foreign owners of ruble bonds known as OFZ, we said that it was now just a matter of days if not hours, before Russia was in technical default (similar to what happened in 1998 when a Russian […]
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From ZH For holders of Russian equities, the past week has been nothing short of a surreal, modern-day version of Dante’s 10th circle of hell, where in the span of just a few days virtually all Russian stocks have seen their value wiped out as a result of a barrage of western sanctions that have […]
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From ZH Wealthy Russians are scrambling to buy luxury goods to preserve their wealth, as worldwide sanctions in response to the invasion of Ukraine has sent the Ruble plunging in recent days. According to Bulgari SpA CEO Jean-Christophe Babin, sales in Russian stores has risen in the last few days after international financial sanctions sharply restricted the movement of […]
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From ZH While in their unprecedented broadside of sanctions on Russia, the U.S. and Western allies went out of their way to spare Russian energy shipments and keep economies humming and voters warm, the oil market has gone on strike anyway. Acting as if energy were already in the crosshairs of Western sanctions officials, refiners have […]
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From ZH Just hours after western leaders slapped Russia with unprecedented sanctions the likes of which the world has never seen, including a targeted SWIFT expulsion of key Russia banks as well as an asset and transaction freeze of the Russia central bank, JPMorgan CEO Jamie Dimon explained not only why this harsh escalation may […]
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By Michael Every of Rabobank The fight is here: I need ammo, not a ride This will be a longer than normal Daily: we live in extraordinary times and a few extra paragraphs are needed to cover it. However, let’s start with the key point: Vladimir Putin has lost this war – and so have markets. […]
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cnbc.com/2022/02/28/russia-central-bank-hikes-interest-rates-to-20percent-from-9point5percent-to-bolster-ruble.html Natasha TurakFebruary 28, 2022 Key Points The bank also said it would be freeing 733 billion rubles ($8.78 billion) in local bank reserves to boost liquidity. Russia’s stock and derivatives markets will stay shut on Monday, the central bank said. The dramatic developments underline fears of a run on Russia’s banks. Russia’s central bank […]
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