The Russian Federation’s attempt to reorient itself from Western countries to “friendly” jurisdictions has encountered numerous problems.
Russia, which found itself under unprecedented sanctions after the start of the war against Ukraine, tried to reorient itself from Western jurisdictions to so-called friendly states, but such countries are in no hurry to help the Kremlin, fearing secondary sanctions.
Foreign banks are extremely cautious when working with banks from the Russian Federation, as a result of which it has become more difficult for Russian businessmen to send money abroad even compared to last year – now half of transactions end in cancellation, writes The Moscow Times.
Meanwhile, the situation with attracting capital in the Russian Federation is even worse. To do this, it is necessary to build so-called depository bridges with “friendly” countries, but the Central Bank of the Russian Federation complains that the geopolitical situation and sanctions make this process difficult. The NSD Central Depository has been on the sanctions list since June last year.
An example of how sanctions have an impact on the work of Russian companies is the recent introduction of restrictive measures against the St. Petersburg Exchange: having learned about the sanctions, its counterparties, no matter from which country, refused to process any orders related to this exchange.
When the West puts serious pressure on a particular country that continues to interact with the Russian Federation, such states ultimately choose to comply with sanctions. For example, this was the case with Kazakhstan and the UAE.
Let us recall that in October, the Kazakh authorities announced the introduction of strict export control measures against Russia regarding electronics and dual-use goods.
In November, the media learned that the UAE and Türkiye limit export to the Russian Federation of goods that can be used for military purposes.
Author: Artem Malinovsky
2023-11-16 17:31:39
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