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Western sanctions against Moscow, hit financial markets

Monday | 18.4.22 | Last Updated 2022-04-18T17:01:14Z
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Western sanctions against Moscow, hit financial markets

 Sanctions imposed after the conflict in Ukraine "at first hit financial markets although now they will have a stronger impact on the Russian economy". This was stated in a speech at the Duma by the governor of the Central Bank of Russia Elvira Nabiullina which she said was "a period in which the economy can live on limited stocks". 

The governor stressed that the central bank would not "try to lower inflation at any cost as this would limit the adaptation of the economy" to the new situation marked by sanctions. In her most important speech since Russia sent its troops to Ukraine on February 24, Nabiullina said it will take until 2024 for inflation to return to the 4% target. And already in the second and third quarters we will enter a period of structural transformation and "the search for new business models".

 "The main problems will be related to import restrictions and foreign trade logistics, and in the future to exports," he explained, adding that Russian companies had to adapt. "Russian manufacturers will have to look for new partners, logistics, or switch to the production of the previous generation of products," he said. 

Exporters will need to find new partners and logistics arrangements and "all this will take time," added Nabiullina, outlining several steps to help the economy adapt.

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