Five Years of Sanctions: No Reason to Celebrate – The Moscow Times

The Moscow Times | Aug 15, 2019 at 2:28 PM
  • This summer marks the fifth anniversary of Western sanctions against Russia — sanctions that targeted specific sectors, state-owned banks and the political and military elite.
  • Having no alternative ways of refinancing funds offshore, since the end of 2014 the five banking majors — Sberbank (SBER), VTB, Gazprombank (GPB), Russian Agricultural Bank (RSHB) and VEB — redeemed almost $35 billion of hard currency Eurobonds.
  • What we consider as an additional comfort factor is Russia’s solid international reserves (first half of 2019: $518 billion), which eventually topped the level of the country’s external debt (first half of 2019: $482 billion, including roughly 50% in dollars and 20% in euros).