Wednesday, February 8, 2023
  • About
  • Privacy Policy
  • Editorial Principles
  • Why to trust us
  • Contact
Scoop Nova
  • Home
  • Business
  • Technology
  • Scandals
  • Politics
Scoop Nova
  • Home
  • Business
  • Technology
  • Scandals
  • Politics
No Result
View All Result
Scoop Nova
Home Politics

New sanctions start to bite in Russia as Moscow admits deficit impact

admin by admin
December 28, 2022
in Politics
0
New sanctions start to bite in Russia as Moscow admits deficit impact
587
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

You might also like

U.S. military shoots down suspected Chinese surveillance balloon

China says suspected spy balloon over U.S. skies is a civilian airship

65,000 war crimes committed, prosecutor general says

Russian President Vladimir Putin speaks at a press conference after a meeting of the State Council on Youth Policy in Moscow, Russia, December 22, 2022.

Sergei Gneev | Sputnik | Reuters

The latest Western sanctions against Russia over its aggression in Ukraine are starting to weigh on the country’s economy.

Minister of Finance of Russia Anton Siluanov reportedly told journalists on Tuesday Oil price caps imposed by the G-7 (G7) major economies, the European Union and Australia are weighing on Russia’s export earnings and could push Moscow’s budget deficit higher than expected at 2% next year. have a nature

The ceiling price for Russian crude oil and refined oil exports is Kremlin to cut production by 5% to 7% next yearthe RIA news agency quoted Deputy Prime Minister Alexander Novak as saying on Friday. But Moscow should be able to meet the shortfall through domestic bond issuances and a contingency fund, officials said. suggests.

The EU27 also agreed in June to ban the purchase of Russian oil from December 5.

“It is still too early to fully assess the impact of the G7 oil price cap and the EU’s ban on Russian oil imports, which came into effect on December 5, but the first signs are that the Russian economy is in trouble,” said Nicholas Farr. It suggests that you are starting to feel it,” he said. , Emerging European Economist at Capital Economics.

“High-frequency data show that Russian oil exports have fallen since sanctions were introduced, and the spread between Brent and Ural oil prices has widened to a six-month high. [last] week. “

Farr suggested this would exacerbate the blow to Russia’s energy revenues from falling global prices in recent months.Brent crude on international benchmarks peaked at about $98 a barrel in October. to about $77 earlier this month before recovering to about $84.50 a barrel in Europe by Tuesday morning.

Meanwhile, the Russian ruble has become the worst performing EM currency after falling almost 10% against the dollar last week, beating expectations for most of the year.

Farr suggested that the main consequence of the ruble’s depreciation would be upward pressure on inflation due to higher import costs.of Russian bank (CBR) ended rate cuts in October, leaving monetary policy unchanged in December warned that inflation risks would be ‘pervasive’ More than disinflation.

Read more about energy on CNBC Pro

If the ruble continues to fall in 2023, the CBR could be forced to consider reintroducing rate hikes to keep inflation in check, Farr suggested. 2023.

“Russia has benefited greatly from a terms of trade boost from rising commodity prices in 2022, but … support for this economy now appears to be fading,” Farr said in a note on Friday. .

“We believe the Russian economy will contract again in 2023. Meanwhile, declining energy income means that the Russian balance sheet will be under pressure.”

Capital Economics, which has been a key pillar of Russia’s economic strength this year, expects the current account surplus to “collapse rapidly in the coming months.”

“There is a high risk that a major external rebalancing will be required from 2024, and growth will remain very sluggish,” Farr added.

Tags: admitsbiteBusiness newsCurrency marketdeficitDegree of interestEconomic eventEconomicsenergyimpactMoscowRussiasanctionsstart
Previous Post

Travel abroad set for 2023 surge as Americans eye Asia, Europe trips

Next Post

IBM stock outperformed technology sector in 2022

admin

admin

Related Posts

U.S. military shoots down suspected Chinese surveillance balloon
Politics

U.S. military shoots down suspected Chinese surveillance balloon

by admin
February 6, 2023
China says suspected spy balloon over U.S. skies is a civilian airship
Politics

China says suspected spy balloon over U.S. skies is a civilian airship

by admin
February 4, 2023
65,000 war crimes committed, prosecutor general says
Politics

65,000 war crimes committed, prosecutor general says

by admin
February 2, 2023
Trump sues Bob Woodward, Simon & Schuster, Paramount for $50 million
Politics

Trump sues Bob Woodward, Simon & Schuster, Paramount for $50 million

by admin
January 31, 2023
House Republicans pass bill to limit Strategic Petroleum Reserve moves
Politics

House Republicans pass bill to limit Strategic Petroleum Reserve moves

by admin
January 29, 2023
Next Post
IBM stock outperformed technology sector in 2022

IBM stock outperformed technology sector in 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

China should set aside political issues on vaccine imports, CEO says

China should set aside political issues on vaccine imports, CEO says

January 17, 2023
Sam Bankman-Fried will now surrender himself for extradition before Bahamian court Monday: Source

Sam Bankman-Fried will now surrender himself for extradition before Bahamian court Monday: Source

December 18, 2022

Categories

  • Business
  • Politics
  • Technology

Don't miss it

Amazon dials back air cargo service as demand cools, contractor says
Business

Amazon dials back air cargo service as demand cools, contractor says

February 8, 2023
Microsoft will offer ChatGPT tech for companies to customize: source
Technology

Microsoft will offer ChatGPT tech for companies to customize: source

February 8, 2023
Hong Kong to give away half a million air tickets to boost tourism
Business

Hong Kong to give away half a million air tickets to boost tourism

February 6, 2023
Elon Musk says Twitter is ‘trending to breakeven’ after near bankruptcy
Technology

Elon Musk says Twitter is ‘trending to breakeven’ after near bankruptcy

February 6, 2023
U.S. military shoots down suspected Chinese surveillance balloon
Politics

U.S. military shoots down suspected Chinese surveillance balloon

February 6, 2023
Sell some shares in this bull market
Business

Sell some shares in this bull market

February 4, 2023
Scoop Nova

Scoop Nova is the only worldwide news organization with a European perspective, and it’s where the rest of the world goes to hear what the World has to say.

Categories

  • Business
  • Technology
  • Scandals
  • Politics

Quick Links

  • About Scoop Nova
  • Contact us
  • Editorial Principles
  • Why to trust us
  • Privacy Policy
  • Sitemap

Recent News

Amazon dials back air cargo service as demand cools, contractor says

Amazon dials back air cargo service as demand cools, contractor says

February 8, 2023
Microsoft will offer ChatGPT tech for companies to customize: source

Microsoft will offer ChatGPT tech for companies to customize: source

February 8, 2023

© Copyright 2022 ! All rights are reserved by scoopnova.com

  • Home
  • Business
  • Technology
  • Scandals
  • Politics

© Copyright 2022 ! All rights are reserved by scoopnova.com