ACTIONS news, forecasts, expectations 2022 - page 106
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There are probably some positives in this, but not all the dangers are taken into account, I think.
I also think that the decision-makers must have thought it through. In my opinion, this is another step towards switching to roubles. SWIFT is not needed, our national payment system will be used, and the money in these special accounts can be used by foreigners not only to convert it into dollars and withdraw it (which is not possible now) but also for mutual settlements for gas supplies and other things that we supply to them.
In other words, it is as if we do not refuse to pay for debts (there will be no default), but we will pay in rubles, those who do not want to fly past.What a silly thing to write, really.... Swift is no longer needed 🤣 I am amazed at the naivety!
The foreign investor is neither cold nor hot from the fact that the huddled country has made special accounts inside itself, just imagine yourself as an investor who has invested in some totalitarian third world country, well what will he do with them?
Who will need ruble banknotes if they cannot be converted into normal currency? (The point about convertibility remains to be clarified).
Similar measures were taken in China some years ago to prevent repatriation of profits earned in China, but the restrictions were slightly different, and every time the process was always ended with fall of RMB, collapse of the Chinese market and investors running away via "alternative" ways.
The market cannot be fooled, the market takes everything into account.
Remember that the settlement of contracts as a prerequisite includes the currency of settlement as an inherent condition, you can't just say, but we changed our mind and will be slipping coloured beads instead of money now. 😁
The point 6 where it says about the recognition of obligations properly performed will be legitimate only within the country, but not in other jurisdictions, which means actually breaking away not only markets, but also legal norms, i.e. it just means that the debt holder cannot apply for protection in local courts, that is all, although it seems to me this point contradicts even the Civil Code, but let the legal practitioners clarify it.
From the point of view of the rest of the world, no local documents are valid at all, and this would still be tantamount to a waiver of payment, while in the meantime international contracts often specify London or another favorable jurisdiction as a court of law, and how likely do you think it is that these jurisdictions would recognize this piece of paper as legitimate? Ridiculous right...
It's also ridiculous to think that foreign companies would rush to the national payment system instead of swift... one has the impression that one has no understanding of international trade and finance at all...
Especially funny is this: - "the decision makers must have thought of everything"... yeah... So well thought out, so outplayed... that even the consulting business is fleeing the country, which in theory could even operate with almost no assets...
Personally, I have no doubts that when the decision was made to start the "friendship" [new yarn], economic issues and the "price of the game" were not taken into account at all, and now they are hurriedly trying to "patch up the holes" with crude non-market measures.
Surely the only thing that can be said is that it has been thought out in advance, that the ordinary hostage citizens will pay out of their depreciated incomes and the exporters and privileged economic entities will benefit, especially as favourable commodity prices are now, in effect this is a redistribution of savings/capital and income from the weak to the strong, this is the true financial meaning of these processes.
Aha, here comes the official clarification from the Central Bank: conversion operations only by special authorisation of the Central Bank 😲 Welcome to the Soviet Union... https://www.cbr.ru/press/event/?id=12736 and https://www.bfm.ru/news/494570 so there will be technical defaults after all when counterparties refuse to accept rubles instead of currency.
Meanwhile Visa and Mastercard fsesh... https://www.bfm.ru/news/494551
Considering all the circumstances and local pressure it appears to be more profitable now even physically to move to another country and open an account there without notice where it is allowed purely as a safety net.
Time to run to Israel as usual 😇
Aha, here comes the official clarification from the Central Bank: conversion operations only by special authorisation of the Central Bank 😲 Welcome to the Soviet Union... https://www.cbr.ru/press/event/?id=12736 and https://www.bfm.ru/news/494570 so there will be technical defaults after all when counterparties refuse to accept rubles instead of currency.
Meanwhile Visa and Mastercard fsesh... https://www.bfm.ru/news/494551
Considering all the circumstances and local pressure it appears to be more profitable now even physically to move to another country and open an account there without notice where it is allowed purely as a safety net.
Time to run to Israel as usual 😇
Time to flee to Israel as usual 😇
Come on, even from a neighbouring country it didn't take much to flee. Lots of work and profits ahead.
Similar measures were taken in China some years ago to prevent repatriation of profits made in China, but with slightly different safeguards, and every time it always ended in a drop in the yuan, a drop in the Chinese market and investors fleeing via "alternative" routes.
The market cannot be fooled, the market takes everything into account.
Remember that the settlement of contracts as a prerequisite requires the currency of settlement as an integral condition, you can't just say, but we have changed our mind and will be slipping coloured beads instead of money now. 😁
The point 6 where it says about the recognition of obligations properly performed will be legitimate only within the country, but not in other jurisdictions, which means actually breaking away not only markets, but already legislative norms, i.e. it just means that the debt holder cannot apply for protection in local courts, only, although I think this point contradicts even the Civil Code, but let lawyers-practitioners clarify it.
As if the sanctions are also outside legal solutions. and as if waiting for market and legal solutions in times of stress and toxic periods is nonsense.
The solutions are logical, but how effective.... let's wait...s...
On the whole of course not arguing... Hoping for the best...))
Brent crude futures soared to 2008 highs above $130 a barrel amid uncertainty over Russian supplies - the White House is considering imposing a ban on oil imports from Russia due to developments in Ukraine.
Gold prices have risen to the $2000 per ounce level at which they last traded in the summer of 2020, when the coronavirus pandemic was still in its early stages. Investors are wary of further nasty surprises during the year and therefore gold is in demand as a safe haven asset.
Prices of copper, wheat, corn, soybeans and even coffee rose sharply on fears that the Russian-Ukrainian conflict could drag on for months and cause supply chain disruptions that have only just begun to emerge from the pandemic.