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Influence of the US and the EU economic sanctions on the banking system of Russian Federation

UDC/УДК 339.98

Bondarenko D.R., Kashaeva D.S.

Students at the St. Petersburg State University of Economics

St. Petersburg, Russia

INFLUENCE OF ECONOMIC SANCTIONS THE US AND THE EU ON THE BANKING SYSTEM OF THE RUSSIAN FEDERATION

Бондаренко Д.Р., Кашаева Д.С.

Студенты Санкт-Петербургского Государственного Экономического Университета, Санкт-Петербург, Россия

E-mail: shadanell@mail.ru

ВЛИЯНИЕ ЭКОНОМИЧЕСКИХ САНКЦИЙ США И ЕВРОСОЮЗА НА БАНКОВСКУЮ СИСТЕМУ РОССИЙСКОЙ ФЕДЕРАЦИИ.

ABSTRACT.

In the conditions of global economy, we can't imagine the state which isn't built in the system of world economic relations. For Russia, dependence on other countries can badly influence on availability of such important goods in the country as food and medicines. In the trade balance of our country, the main partners are- the European Union (EU), the Asia-Pacific Economic Cooperation (APEC) and the Commonwealth of Independent States (CIS), the largest are China and Germany.

In this article, we considered influence of sanctions of the USA and the European Union on the banking system of the Russian Federation, which are due to the conflicts in Ukraine, and also we considered reciprocal actions of the Russian Federation for strengthening its national economy.

АННОТАЦИЯ.

В условиях глобальной экономики, мы не можем представить себе государство, которое не встроено в систему мировых хозяйственных связей. Для России зависимость от других стран может плохо повлиять на наличие важных товаров в стране, таких как: продовольствие и медикаменты. Для нашей страны главными партнерами в торговле остаются Евросоюз (ЕС), Азиатско-Тихоокеанское экономическое сотрудничество (АТЭС) и Содружество Независимых Государств (СНГ). Наиболее крупные партнеры среди них Китай и Германия.

В данной статье мы рассмотрели влияние санкций США и Евросоюза на банковскую систему Российской Федерации, которые появились из-за конфликтов на Украине, а также мы рассмотрели ответные действия РФ для укрепления национальной экономики.

Keywords: sanctions, international relations, economic relations, banking system, investments, economic policy.

Ключевые слова: санкции, международные отношения, экономические отношения, банковская система, инвестиции, экономическая политика.

Influence of the US and the EU economic sanctions on the banking system of Russian Federation

The sanctions imposed because of the events in 2014 in the Crimea and in the east of Ukraine are restrictive political and economic measure. According to the international organizations and the certain states, a number of the Russian and Ukrainian activists and organizations are involved in destabilization of the situation in Ukraine.

According to the result of a survey conducted by the National Agency of Financial Researches (NAFR), more than a half of Russians consider that sanctions of the West against Russia can't affect the financial system of the country. Heads of the USA and heads of the leading states of the EU became initiators of the sanctions by Canada, Australia, Japan, Norway, Switzerland and other states joined them.

The main reasons for sanctions are the following:

The first package of sanctions was realized after Russia supported the declaration of independence of the Republic of Crimea and admitted its incorporation in Russia.

The following strengthening of the sanctions was connected with aggravation of the situation in the east of Ukraine. The organizers of the sanctions accused Russia of promoting destruction of the territorial integrity of Ukraine, namely, in delivery of the weaponry to the pro-Russian insurgents.

Further imposition of sanctions was connected with the crash of Boeing 777 in Donetsk region on July 17, 2014. The leaders of a number of states made a conclusion that it is actions of insurgents supported by Russia which became the reason for that.

The sanctions include: freezing of assets; introduction of visa restrictions for the people included in special lists; ban for the companies of the countries which inflicted sanctions on maintaining business relations with activists and the organizations included in lists.

In July one more wave of sanctions connected with the events in Ukraine, involved the Russian banking sector. For the banking sector of Russia the American and European restrictions are the most dangerous. In spite of the fact that sanctions of the USA and the European Union are similar, they have different territorial and personal coverages: sanctions of the USA are obligatory only in the territory of the USA and only for their citizens; sanctions of the European Union are applied only on the European security market and its citizens. New sanctions are able to limit access for the American investors to medium-term and long-term debt tools.

The American citizens and the companies can't allocate credits to some Russian banks for more than 90 days. All other operations are allowed. Heads of the Russian banks say that sanctions of the USA can't be reflected in their financial stability. Sanctions will not ruin the clients of these banks as their accounts will not be blocked, and they will not be limited in use of the accounts and means of payment. Freezing of foreign assets of the large Russian companies and disconnection of the Russian banks from dollar payments or payments in euro can become dangerous in the area of economy and finance.

The USA have a great influence in the international market:

First, the most part of the international financial operations is carried out in the American dollars. All dollar transactions must go through sub-accounts in the American banks. This means that the Ministry of Finance of the USA can ban or block them.

Secondly, Visa payment system is an American company, and its main currency – is dollar. Therefore, operations which are connected with conversion of currencies pass through the US dollar. That is, these operations also depend on a state policy of the USA.

Thirdly, operations in the oil sphere around the world are happened in the American currency. That is prices of oil and gas are nominated only in US dollars.

By all these reasons, we can make a conclusion that imposition of sanctions by Washington can cause serious consequences for international trade of Russia.

But the European sanctions for the Russian companies can be more serious than the American. The European Union is the main trade partner of Russia. In January-April of 2014-49,2% of the Russian commodity turnover fell to its share, and imposition of sanctions is very dangerous to Russia by potential reduction of a sales market. The Russian public financial institutions are dependent on the European securities market. According to the EU, between 2004 and 2012, they received 16 billion dollars by the placement of securities in the European market. Moreover, in 2014- 47% (7,5 billion euro) of the Russian state banks debt obligations were placed in the European market.

Falling of ruble exchange rate. Reasons for rubble falling were statements about introduction troops on the Ukraine’s territory. News about accession of the Crimea to Russia affected national currency in the worst way. The Russian currency depends on a foreign policy of the country, and with transition to a floating exchange rate, it will only increase.

Decrease of quotations in stock market. Such became possible because of the developed critical situation when 70% of the Russian stock market belong to the foreign investor. Crash of stock market wasn't deliberate reaction or sanction, but became the direct result of investors’ expectations.

Receipt of foreign investments is dependent on a foreign policy. The management of the USA sales representative declared that they stopped negotiations with Russia concerning trade and investments before a resolution of the conflict around Ukraine. If we look at structure of the foreign investments in Russia, it is possible to notice that the USA acts not as the main investor, 2,7% of all foreign investments fall to their share. Nevertheless, because of the investments reduction from Washington can suffer such branches as production of oil products, production of cars and the equipment

Sanctions on the banking system and foreign accounts. Here the USA has the greatest pressure upon Russia. Washington already spoke about imposition of sanctions against the Russian banks, freezing the accounts of the Russian private investors and the state companies.

The European Parliament discussed the same restrictive measures in relation to assets of the Russian officials. This law doesn't extend on property therefore pressure levers at Europe and the USA remain. The solution of this situation is to store means in domestic banks, not to bring them out of the Russian economy. The volume of Russian public funds on accounts in the USA is about 400 billion dollars. Russia is a huge holder of US dollars therefore to freeze the Russian assets is a dangerous decision for the American currency system.

Economic sanctions are the general phenomenon therefore Russia can enter restrictive measures in response to threats from the West and other ways to fence itself from their negative influence.

Influences of dollar and payment systems of the USA on Russian economy. After payment systems such as: Visa and MasterCard froze operations on plastic cards of several domestic banks, in Russia actions by training of own national payment system became more active.

The Russian companies started transferring the accumulation to Hong Kong dollars and situate them in the Chinese banks. The Euroasian economic union (EEU) begins to create the uniform financial market.

Now the Central Bank of Russia and national Bank of China work on the contract about a currency swap. It means that in the long term banks will be able to make transactions and financial operations in national currencies, and then to exchange the yuans, which accumulated in the Central Bank, for the rubles which were in National Bank of China on conditions favorable to the countries.

Positive consequences of sanctions are: Russia will begin full-scale campaign for import replacement of all American and European goods; the work of creation uniform payment system within the integration association gaining strength is begun; Russia will bring all savings out of the European and American banks ,will nationalize the Central Bank and will leave dollar; the Russian companies began to transfer the accumulation to Hong Kong dollars and to place them in the Chinese banks; the Euroasian economic union (EEU) begins to create the uniform financial market. Integration processes in the north of the Euroasian continent will lead to replacement of dollar from structure of mutual calculations of the countries.

Negative consequences of sanctions are: in the long term, the most negative consequences for Russia will be the restrictions imposed for export high technologies to Russia of high technologies and access of the Russian banks to cheap credit resources; inflation in Russia will increase; inflow of foreign investments into Russia will be slowed down.

It is unprofitable to impose economic sanctions against Russia because here are intertwined interests of both private business and authorities. However, despite similar impossibility and unprofitableness of sanctions, Russia is vulnerable to them. Russia became dependent when ceased to support manufacturing industry, passed to consumption of import production instead of developing own production.

Thus, introduction of economic sanctions had the essential impact on the Russian bank system, which in the long term can lead to emergence of serious credit crisis because of external financing restriction by the western countries to the Russian banks. However many domestic banks intend to expand the cooperation with banks of the APEC countries that can considerably reduce negative consequences from impact of sanctions on the Russian bank system.

 

References:

1. Mezin, V. G., Kudryashova V. V. Price for the accession of the Crimea// Bulletin of Ekatarinensky Institute. (2014) № 2 (26). p. 3-11 (annotation).

2. Pronin, A. V. About the legal nature of sanctions of the EU concerning the Russian Federation//Historical and social-educational thought. (2014) № 2 (24). с. 33-36

3. All truth about banks http://www.banki.ru/

4. Shepelev, I. G., Morozov, S. G. The analysis of sanctions against Russia, definition of their possible influence on development of domestic defense industry complex and industry in general//Economy, management and investments.(2014) № 2 (4) (annotation).

5. Tomas Malmlöf et al. Economy, Energy and Sanctions. // A Rude Awakening. Ramifications of Russian Aggression towards Ukraine. June 2014. pp. 71-80

6. RosBusinessConsulting http://www.rbc.ru

7. News http://www.interfax.ru

8. BBC News (December 19, 2014) Ukraine Crisis: Russia and Sanctions http://www.bbc.com/news/world-europe-26672800

9. Elvis Picardo (2014) How U.S. &European Union Sanctions Impact Russia. http://www.investopedia.com/articles/investing/011515/how-us-european-union-sanctions-impact-russia.asp

10. U.S. Department of State (2014) Ukraine and Russia Sanctions. http://www.state.gov/e/eb/tfs/spi/ukrainerussia/

 

Название сборника/конференции Публикация сборника научных статей «Научный поиск в XXI веке: общественные и гуманитарные науки»
ФИО Бондаренко Дарья Романовна
Название статьи Влияние экономических санкций США и Евросоюза на банковскую систему Российской Федерации.
Область научных интересов Экономика
Степень, ученое звание Студент
Место обучения, работы Санкт-Петербургский Государственный Экономический Университет
Город, страна Санкт-Петербург, Россия
Адрес электронной почты shadanell@mail.ru
ФИО научного руководителя (если имеется) Боркова Елена Аркадьевна
Необходимость профессионального перевода статьи на английский язык Нет
Вам необходим официальный сертификат участника конференции? Да
Вы хотели бы заказать свидетельство о публикации статьи в сборнике? Да
Вам необходим печатный оттиск статьи? Нет
Ваш точный почтовый адрес (для отправки печатной корреспонденции из Организационного комитета).  
Дополнительная информация    

 


 

Название сборника/конференции Публикация сборника научных статей «Научный поиск в XXI веке: общественные и гуманитарные науки»
ФИО Кашаева Дарья Сергеевна
Название статьи Влияние экономических санкций США и Евросоюза на банковскую систему Российской Федерации
Область научных интересов Экономика
Степень, ученое звание Студент
Место обучения, работы Санкт-Петербургский Государственный Экономический Университет
Город, страна Санкт-Петербург, Россия
Адрес электронной почты k_dasha95@list.ru
ФИО научного руководителя (если имеется) Боркова Елена Аркадьевна
Необходимость профессионального перевода статьи на английский язык Нет
Вам необходим официальный сертификат участника конференции? Да
Вы хотели бы заказать свидетельство о публикации статьи в сборнике? Да
Вам необходим печатный оттиск статьи? Да
Ваш точный почтовый адрес (для отправки печатной корреспонденции из Организационного комитета). Ул. Кузнецовская, д.15, кв. 13 , Санкт-Петербург, Россия
Дополнительная информация    

 

 




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