The delayed imposition of sanctions allowed Russia to collect almost one-third of the revenue from the sale of raw materials outside its territory.
In the year of the mass invasion of Ukraine, Russia accumulated almost a third of the income from the sale of raw materials outside its territory. This could be one of the directions for new Western sanctions, Bloomberg reports on Tuesday, March 14.
Analysts of the news agency suggest that these funds, which are about $80 billion, are distributed in the form of cash deposits, real estate and investments in affiliated companies. This shadow reserve could prop up the Kremlin’s finances in the face of sanctions.
Maria Shagina, an expert at the International Institute for Strategic Studies in Britain, believes that due to the fact that Europe did not immediately apply sanctions against the Russian energy sector, the Kremlin managed to accumulate one of the largest current account surpluses in recent history. . This effectively leveled the effect of the freeze on the Central Bank’s assets.
Russia received a replenishment equal to about 5% of GDP by accumulating assets abroad throughout 2022.
These assets may be the next target of sanctions, especially if they are directly linked to the state. The media said that in Russia a significant proportion of many large companies that export raw materials are state-owned.
At the same time, the news agency noted that even if Western countries manage to identify the owner of such assets and prove the connection for the application of sanctions, the proportion of assets found is clearly lower than these indicative estimates.
Recall that Turkey suddenly began to block the clearance of sanctioned goods to Russia. Transit of “parallel import” products stopped.
Named the value of fixed assets of Russians
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.