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Finance which will make it much harder for companies finance which will make it much harderfor companies in russia harder for companies in russia to harderfor companies in russia to operate internationally. as i say, we don t know which banks are included and that is key because there are issues about whether such a step would harm payments for gas coming from russia, for example. germany was very worried about that. the devil will be in the detail to a certain extent but again that is a major step. it is a major step and we have seen the central bank of russia announcing a slew of measures late sunday to try to minimise the impact of all of this. they will merely struggle from that point of view and also the moscow exchange opening three hours later today because everyone is concerned about reaction to all of this, not just in russia but also in european markets. absolutely. if ou european markets. absolutely. if you look european markets. absolutely. if you look at european marke ....
Of the russian elite who bankroll president putin. and with the soaring inflation, the cost of war will hurt the russian people, creating problems for him at home. gold in the domestic market rejecting foreign client bits to sell russian securities. joining me now from moscow is chris weafer, chief executive of macro advisory. he previously worked as the chief strategist at sberbank cib, russia s largest bank. good morning. first of all, let s get your reaction to the news that several key banks are now excluded from swift. this was described by many paid to the invasion as a nuclear button. it the invasion as a nuclear button. , ., the invasion as a nuclear button- the invasion as a nuclear button. , ., button. it is not quite there et but button. it is not quite there yet but certainly ....
As russia s invasion of ukraine continues, so too does the economic pressure on moscow. the russian rouble has fallen by almost 30% against the us dollar after western allies announced the assets of russia s central bank will be frozen and some russian banks will also be excluded from the swift payment system. russians are already waiting in long lines, worried that their bank cards may stop working or that limits will be placed on the amount of cash they can withdraw. in other major economic developments, eu member states have banned flights by russian aircraft over the bloc s airspace. on thursday, the uk banned russia s national airline aeroflot from landing in britain. the british based energy giant bp is divesting its near 20% stake in the russian oil company rosneft. ....
Joining me now is marc 0stwald, chief economist and global strategist at adm investor services international. good morning. this has always been a concern. we have talked about this before. the risk of putin turning off the taps in europe. your thoughts on that? to a certain extent it is a risk and mr putin has behaviour is unpredictable so we cannot really tell whether he goes for his own nuclear option but it does as much if not more damage to russia by cutting it off and it does to europe. i think, for the time being, the bigger problem is actually people willing to finance, banks willing to finance, banks willing to finance, banks willing to put through the payments for russian gas, and we are already seeing quite a number of banks saying ....
Button. it is not quite there yet but certainly heading i button. it is not quite there yet but certainly heading in | yet but certainly heading in that direction in terms of the expected announcement is expected announcement is expected to x do and involve many banks but not all. it is a condiment left open by which measure can make foreign payments. there is avenue left so that russia can continue exporting oil and gas and commodities but nevertheless it is extremely serious blow and unprecedented for an economy of this size. ., ., , ., this size. and for european subsidiaries this size. and for european subsidiaries of this size. and for european subsidiaries of these - this size. and for european | subsidiaries of these banks, sberbank cib is being quoted in many articles, what does it mean for them? we many articles, what does it mean for them? many articles, what does it mean for them? we want to see whether sberbank mean for them? we want to see whether sberbank is me ....