Category: Markets
Markets
Russia Central Bank Bans Sales Of Foreign Currency For 6 Months
From ZH Russians who want to convert their rapidly devaluing rubles, as Joe Biden was quick to point out today… … into dollars or any foreign currency, are stuck for at least the next six months In a statement on Tuesday, the Bank of Russia banned banks from selling cash currency to citizens who do […]
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Russian Gold Barred From World’s Largest Gold Market
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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Russian Banks Switch To Chinese Card System As AmEx Joins Visa & MasterCard In Suspending Russian Operations
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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Putin Orders Companies To Make Debt Payments To Foreign Creditors In Rubles
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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Wall Street Is Quietly Trading For The Return Of Russia
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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Rich Russians Scramble To Buy Luxury Goods As Ruble Plunges; Burberry ‘Pauses’ All Shipments
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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“The Market Is Starting To Fail”: Buyers Balk At Russian Oil Purchases Despite Record Discounts, Sanction Carve Outs
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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Jamie Dimon Warns SWIFT Sanctions May Bring Unintended Consequences, Can Be Circumvented
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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