Economy

Ukraine Crisis: Australia targets Russian foreign reserves; oil up, Asian stocks down

Follow-ups -eshrag News:

Mon, 2022-02-28 08:54

RIYADH: Australian prime minister Scott Morrison, on Feb.28 has announced fresh sanctions on Russia, which includes a travel ban on president Vladimir Putin. Asian stock prices fell down.

Highlights:

  • Asian stock prices are steadily falling as western countries continue imposing fresh sanctions on Russia, and President Vladimir Putin escalated the tensions by ordering nuclear forces to stay vigilant.

  • US futures fell, with the contract for the S&P 500 down by 2.5 percent early on early Monday.

  • WTI surges more than 6 percent, Brent more than 5 percent trading at around $104

  • Ruble sinks 26 percent on the wake of SWIFT sanctions against Russian banks, AP reported.

  • Britain said on Monday it was taking further measures against the Russia in concert with the United States and European Union, prohibiting any British entities from undertaking transactions with the Russian central bank, finance ministry and wealth fund.

  • Austria’s Financial Market Authority imposed a moratorium on Sberbank Europe AG, a unit of Russia’s Sberbank SBER.MM, with immediate effect until March 1, 2022, 11:59 pm, the watchdog said on Monday.

 

Australian measures

“From midnight last night, Australian targeted financial sanctions and travel bans came into effect on the Russian President and remaining permanent members of Russia’s Security Council: Foreign Minister Sergei Lavrov, Defence Minister Sergey Shoigu, Prime Minister Mikhail Mishustin, and Internal Affairs Minister Vladimir Kolokoltsev,” said Australian prime minister in a statement. 

Morrison also supported recent anti-Russia measures adopted by the US and European Union, including disconnecting certain Russian banks from SWIFT. 

Morrison noted that Australia will continue imposing further economic sanctions on Russia. He added that these sanctions could paralyze Russian foreign assets, and will disrupt Russia’s trade and investment flows. 

“These measures will impose severe costs on the Russian economy by disconnecting its key banks from the international financial system and disrupting Russian trade and investment flows. They will also paralyze Russia’s foreign reserves and prevent Russian officials and elites from accessing key financial systems,” asserted Morrison. 

Asian Stocks

Hong Kong’s Hang Seng HK:HSI slipped 1.6 percent, while the Shanghai Composite CN:SHCOMP lost 0.3 percent. Stocks fell in Singapore SG:STI as well. 

However, Australia’s S&P/ASX 200 AU:XJO rose 0.2 percent and South Korea’s Kospi KR:180721 edged up 0.1 percent. 

During the early hours of the invasion, the Russian rouble had faced setbacks, but now it is steady at 83.86 to the dollar on Monday morning. 

Main category: 
Business & Economy



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