Rybakova and visiting fellow at the Finnish Institute of International Affairs, specialist in sanctions Maria Shagina also, no measures are envisaged against the Bank of Russia and the freezing of its dollar-denominated assets. “Sanctions have been introduced against the Central Bank of Iran,” Rybakova recalls.

The Bank of Russia was preparing for such measures: reserves in Russia, gold and actively withdrawing money from the dollar and the euro and belonged to Western jurisdictions. By mid-2021, the share of the dollar in the gold and foreign exchange assets of the Central Bank was reduced to 16.4%, the share of gold stored in Russia, in the amount of about 22%, was disclosed by the Central Bank.

Shagina also announced that the new members could hold state energy companies accountable. However, Rybakova believes that exceptions will be used for the export of hydrocarbons to the United States, current oil prices in the region of $100 per barrel. and Europe’s dependence on Russian gas. The chief economist of Renaissance Capital agrees with her. Charlie Robertson: the approval, according to him, is unlikely to affect Russian exports of oil and gas, as well as food.

However, the economist is based in Vienna of the international organization the Joint Vienna Institute. In January-November 2021, the US imported $17.1 billion worth of Russian oil and oil products (against $9.4 billion for the whole of 2020), based on US foreign trade data.

Analyst at Hawthorn Advisors Maximilian hess pending consideration against a full Russian package containing threats to the United States prior to this in the event of an invasion. Among the proposed measures, a restriction on the export of Russian technologies is being discussed and limited. “We are ready to introduce innovative export control measures that will hit the serious ambitions of Vladimir Putin,” the White House announced in January. It was supposed to ban the export to Russia of both American technological products and a number of products manufactured in other countries that are subject to US export regulation. “It will hurt areas that are important to Putin, whether it’s artificial intelligence or high score detection, defense, aviation or other high risk,” Biden administration dominance. Tatyana Evdokimova agrees that the boundaries of technological exports to Russia are part of the West’s tough sanctions package.

Russia is now better prepared for sanctions than it was in 2014, but this resolution will make it harder for tougher sanctions, Yevdokimova said. The head of the recommendations, Mikhail Mishustin, said at a meeting of the Russian Security Council on February 21 that the government had been approaching possible sanctions for many months. Russia has a plan for how the results of the financial consequences are obtained, Finance Minister Anton Siluanov assured at the meeting. A ban on access to dollar funding and access to the global payment system would be “unpleasant, but not fatal,” the minister said.

In the event of a US blockade against Russian banks and their assets, it is important what kind of banks they will be, the Siluanov conference. “It is clear that we will ensure all deposits, all settlements taking into account depositors, including in foreign currency, in banks. For this, we have enough foreign exchange liquidity, foreign exchange reserves,” the Minister of Finance said.

In the event of hypothetical restrictions on Russian exports of goods such as energy resources, the country will be able to reorient itself to other markets, and the rise in prices that will inevitably cause such restrictions “will largely compensate for them,” Siluanov also pointed out. Russia has implemented an import substitution system that limits the risks to critical value (servers, payment systems) and individual rigor (weapons, semiconductors, pharmaceuticals), economists at the Vienna International Institute for Economic Research wrote.