Restrictions Put on Russia
Russia and Ukraine are still at war, and Russia started this war, the western countries imposed restrictions on Russia. However, no country is ready to take military actions against Russia. The President of Russia, Vladimir Putin, has already warned other countries and NATO if they interfere in Ukraine, he will start the nuclear war. And the world is already aware of the impact of nuclear war. Moreover, they are putting financial restrictions on Russia. The United States is leading the western countries against Russia.
After United States restrictions put on Russia, Russia can not take any debt from the US and any European country. Australia and Japan are also with The United States and European countries in this.
After the SWIFT ban, no one can send financial support to Russia. As a result, Russia has also removed the United States, United Kingdom, and Japan’s flag from its space rocket. But Indian flag remained because India has not taken any side in this war but has strictly condemned the Putin attack on Ukraine and wants peace between both nations.
But these bans have not affected Russia as much as the mother of all sanctions affected Russia, the SWIFT ban.
If you don’t know about SWIFT,
SWIFT is Society for Worldwide Interbank Financial Telecommunication. It is an international network for banks worldwide to facilitate smooth money transactions globally. SWIFT is headed by the G-10 central banks. It is called G-10 but 11 countries manage the SWIFT. These countries are Belgium, Canada, France, Germany, Italy, Japan, Netherlands, United Kingdom, United States, Switzerland, and Sweden.
The SWIFT ban on Russia is also going to impact India. Because India imports a lot of things from Russia. Restrictions Put on Russia: Mineral fuels, oils, distillation products, Pearls, precious stones, metals, Fertilizers, Animal, vegetable fats and oils, Stone, plaster, cement, asbestos, mica or similar materials, and Copper. India also uses SWIFT for transactions. To know more about the products that India imports from Russia, click on the given link- India-Russia Business.
In the past, the ex-president of America, Barack Obama put the SWIFT ban on Iran from the year 2012 to 2014, and it destroyed Iran’s economy. read more
An American company, Apple has also stopped selling its products in Russia. read more They have also restricted Russian apps from its platform. Other big brands have also moved from Russia, like McDonald’s and Starbucks. read more Whereas the leading soft drinks companies, Pepsi and Coca-Cola have also stopped selling their products in Russia. (Restrictions Put on Russia)
Russia is the world’s 2nd largest exporter of crude oil, but after sanctions from Washington, the price of crude oil has risen in the international market. It will impact other countries as well.
However, due to state elections in India, there is no hike in fuel price yet, but experts are saying there will be a hike in fuel price after the 10th of march 2022. It is the day of the result of state elections. Let’s see what will happen after the 10th march in India.
After these sanctions, Russia is looking for other options to stabilize its economy. So as India is trying to stabilize its import from Russia, and to do that, he is looking for a way where he can pay Russia in rupees.
Russia is a little worried now because of the financial sanctions(Restrictions Put on Russia), but if Putin continues the war with Ukraine, it won’t be good for the economy of Russia. We can only hope and pray for the people stuck in the war zone and those people who are fighting to protect their country. Click on the link to know about the LAW of WAR GENEVA CONVENTION 1949
Stay tuned for more updates on the Ukraine Crisis.
