New anti-Russian sanctions will come into effect on August 26 after the notification period of Congress, which is necessary for the law on the control of chemical and biological weapons.
New restrictive measures apply to public debt. Moreover, the US will require financial institutions (the World Bank, the IMF) not to provide loans to Russia. The US banks will not be allowed to participate in the initial placement of Russian sovereign debt that is not denominated in rubles and lend to the Russian government not in rubles, as well. Restrictions on the export to Russia of a range of materials, goods and equipment are also planned. In this case, the Ministry of Finance explained the sanctions do not apply to state-owned companies.
The first package of restrictive measures came into force on August 27 last year.
Director of the Institute of Social and Economic Research at the University of Finance of Russian Federation Alexey Zubets expressed his opinion on the new package of sanctions.
“These sanctions will not have any serious significance for Russia. They are arranged in such a way that, on the one hand, to fulfill the requirements of the Congress and those circles who are putting pressure on Trump to introduce the next package of sanctions in the Skripal case … On the other hand, those people who were the authors of these sanctions do not want to harm the interests of the US companies operating in the financial market. Therefore, everything in this package of sanctions is quite tricky,” he said.
He explained what, in his opinion, is the peculiarity of the new package of restrictive measures.
“The participation of the US banks in the primary placement of Russian debt is forbidden and secondary operations are not prohibited. Firstly, they can buy Russian bonds on the secondary market. Secondly, they are prohibited to work with currency Russian bonds but not with ruble one. Ruble transactions are the most interesting for foreigners as their profitability is higher … Moreover, a ban on financing from international organizations. But Russia has not received any loans from the World Bank or the IMF for a long time: The Russian economy is stable and does not need these loans,” Alexey Zubets.
Natalia Veselnitskaya – official website