Reuters’ February economic poll for Russia suspended
March 1 (Reuters) – Reuters has suspended its February poll on Russia’s main economic indicators due to uncertainty about the economic outlook after Russia’s invasion of Ukraine.
Analysts and economists who usually take part in Reuters monthly surveys on Russia were unwilling to provide forecasts at this time.
(Reuters) – Societe Generale SA (SOGN.PA) and Credit Suisse Group AG (CSGN.S) have halted the finance of commodities trading from Russia, Bloomberg News reported on Sunday citing people familiar with the matter.
The two banks, key financiers to commodity trade houses, are no longer providing the money needed to move raw materials such as metals and oil from Russia, the report said.
Besides, Dutch banking firms ING Groep NV (INGA.AS) and Rabobank are restricting lending to deals involving movement of commodities from Russia and Ukraine, the report added.
Russia produces 10% of global oil and supplies 40% of Europe’s gas. It is the world’s largest grains and fertilisers exporter, top palladium and nickel producer, third-largest exporter of coal and steel, and fifth-largest wood exporter. Read more.
(Reuters) – U.S. investors holding Russian assets are finding themselves in an increasingly difficult position on working out how to ditch them.
The United States, Britain, Europe and Canada announced new sanctions on Saturday – including blocking certain banks’ access to the SWIFT international payment system – following Russia’s invasion of Ukraine. That has sent a wave of investors announcing they are cutting positions in Russia.
But investors trying to sell their Russian assets are being left with a problem: How to do it?
Russia’s central bank retaliated by banning Russian brokers from selling securities held by foreigners, although it did not specify assets for which the ban applies. Compounding that, Russian Prime Minister Mikhail Mishustin said on Tuesday the country will temporarily stop foreign investors from selling Russian assets to ensure they make a considered decision.
Moscow’s move to impose capital controls means that billions of dollars worth of securities held by foreigners in Russia are at risk of being trapped. Read more.