Business - Economic Information

 How will the US embargo on Russian crude oil affect Moscow and the West? In the context of Moscow's escalation of hostilities in Ukraine, President Joe Biden on March 8 announced a ban on imports of Russian crude oil. Critics of Moscow in Washington say sanctions on energy exports are the best way – or perhaps the only way – to force Russia to withdraw. Here's a closer look at the latest US ban on the Russian economy: Will Russia be hurt? According to ABC News, the impact of the US crude oil embargo on Russia is likely to be small. The United States imports only a small fraction of Russian crude oil and does not buy Russian natural gas. Last year, about 8% of US imports of oil and petroleum products came from Russia. Total imports are equivalent to 245 million barrels, or about 672,000 barrels of oil and petroleum products per day. Recently, the import volume has also decreased rapidly because buyers are afraid of the possibility of sanctions. Given the modest amount of Americ...

 Morgan Stanley warns Russia could default in the next few weeks According to Newsweek, Simon Waver, head of foreign credit strategy in emerging markets at Morgan Stanley, wrote: “We consider default as the most likely scenario” for Russia. The Russian economy is struggling because of tough Western sanctions, many of which target the financial sector. Several Russian banks have been cut off from the SWIFT international payment system and the ruble is in free fall. Morgan Stanley warns Russia could default in a few weeks - Photo 1. Default occurs when the government is unable to pay its debts. According to experts' predictions, Russia will probably default on April 15. This is the end of the 30-day grace period on Russian government bond yields maturing in 2023 and 2043. Defaults often make future re-borrowing significantly more difficult and expensive. Mr. Waever added: “In the event of Russia default, the situation will not be the same as usual. Venezuela is perhaps the most relev...

 Predicting 5 outcomes for the Russia-Ukraine conflict: 'From evil to good' or damage to both sides? Through discussions with experts, CNBC outlined at least five potential scenarios for the outcome of hostilities between Russia and Ukraine. The war between the two former Soviet Union countries has entered its second week, and the Ukrainian people and army are still bravely fighting Russian soldiers. However, in the context of Ukraine's current horizontal and vertical attacks, experts believe that it is only a matter of time before the country is overwhelmed by Moscow's military might. Strategists warn that what happens next for Ukraine could be very bleak, with many predicting the conflict will last longer than expected. Even in the most optimistic scenario, where Russia withdraws and Ukraine remains a sovereign state, Europe is unlikely to return to the pre-war status quo. CNBC has studied a number of potential scenarios that can happen to Ukraine, specifically as fol...

 How does the Ukraine crisis affect the European currency market? If growth in the Eurozone is maintained at a reasonable level and the ECB continues to raise interest rates this year, Goldman Sachs still believes in a bullish outlook for the euro. How does the Ukraine crisis affect the European currency market? Coins of 10, 20 and 50 euros. European currency and asset markets have not yet recovered from the severe plunge and wild volatility of recent weeks. In the midst of that, strategists are changing their investment plans as the tension between Russia and Ukraine shows no sign of ending. Will the euro depreciate in the long run? Deutsche Bank (Germany)'s currency volatility index rose to 10% on the morning of March 8 in Europe, the highest level since April 2020 - the early stage when the COVID-19 pandemic began to spread. globally. Also in this session, the euro gained 0.4% against the dollar as investors were less panicky and less likely to turn to safer haven channels. Howe...

 Plan to sell retail banks in Russia 'collapsed', Citigroup may have only option to close Citigroup's plan to sell its retail banking business in Russia is facing legal troubles as Russia conducts its military campaign in Ukraine. This means that Citigroup may have to actively reduce the scale of operations in this market, according to the Financial Times. Citigroup's plan to withdraw from Russia was activated nearly a year ago amid CEO Jane Fraser's desire to reorganize the global retail banking business, which has not been as effective as expected. However, at present, Citigroup does not have many potential partners for this position because Russia is suffering from a series of sanctions from Western countries. Experts say that this fact could lead Citigroup to accept an expensive asset write-off. "We're running out of options… closing everything might be our only option," said a source inside Citi. Citibank currently has 10 retail banking branches i...

 Hundreds of ships are stranded because of the war in Ukraine, threatening the fate of crews and global trade Misfortunes never come alone As the Bangladeshi cargo ship MV Banglar Samriddhi was moored near the Ukrainian port of Olvia, the crew heard a loud bang. Ukrainian authorities said the missile hit the cargo ship at 5:25 p.m. on March 2, killing one crew member and severely burning several others. This is the fifth merchant ship to crash off the coast of Ukraine since the war with Russia broke out. The military conflict between the two former Soviet Union countries has severely hindered shipping in the Black Sea, with great consequences for global supply chains and international shipping. Maritime tracking companies say dozens of cargo ships are stuck in the Ukrainian port of Mykolaiv. British company Windward estimates about 3,500 people are trapped in about 200 ships in the ports of this Eastern European country. Russian goods struggle to find a way out: Aviation is banned,...

 Chinese experts are confident that GDP will surpass the US by 2030 The South China Morning Post (SCMP) quoted a senior Beijing adviser as saying that foreign investors' sell-offs in bonds and war in Ukraine will not stop China's progress to overtake the US as the world leader. largest economy in the world by 2030. Russia's attack comes at a time of economic pressure, increasing tensions between the West and China, and uncertainties arising from the war in Ukraine and the COVID-19 epidemic. Former Deputy Director of the World Bank, Mr. Justin Lin Yifu is speaking. (Photo: Simon Song). “I am quite confident in my prediction that China will overtake the US by 2030,” said Justin Lin Yifu, former deputy director of the International Bank and now a professor at Peking University. “The Russia-Ukraine conflict will have an effect on China, and at the same time the US. All countries will grow more slowly.” Washington and its allies have increased sanctions on Russia, including remo...

 President Biden: The US will ban Russian crude oil imports, dealing a painful blow to Putin's war machine Ban on the import of Russian crude oil Speaking at the White House on March 8, President Joe Biden said: "I would like to announce today that the United States is targeting the main lifeline of the Russian economy. We will ban all imports of oil. Russian gas and mines". "It means that energy products of this country will not be allowed to dock in US ports. Through the new measure, the people of our country will deal another blow to Putin's war machine." President Biden continued.  "This is a new step that we are taking to inflict more pain on President Vladimir Putin," he stressed. The new US move comes as Western allies are trying to isolate Russia from the global economy to punish the Kremlin boss for aggressive behavior in neighboring Kraine. Britain announced its own restrictions on Russian crude oil imports, shortly before Mr. Biden deliv...

 US stocks continue to fall as Biden 'hits the aorta of the Russian economy' The Dow Jones Industrial Average at one point rose to 585 points but ended the session down 185 points, or 0.56%, to nearly 32,633 points. The chart above shows that March 8 is the 4th consecutive decline of Dow Jones, pushing this index of 30 blue chip stocks deeper into the correction zone. Compared to the peak on January 4, Dow Jones has dropped 11.3%. The S&P 500 Index also fell 0.72% and remained in the correction zone. The tech-heavy Nasdaq Composite lost 0.28% and sank deeper into a bear market. The chart below shows Nasdaq is down more than 20% from its historic peak last November.  The small-cap Russell 2000 index bucked the general trend and gained 0.6% on March 8. US stocks continued to decline when Mr. Biden "hit the aorta of the Russian economy" - Photo 2. According to CNBC, investors continue to worry about soaring commodity prices and the risk of an economic slowdown due to...

 How will the US embargo on Russian crude oil affect Moscow and the West? In the context of Moscow's escalation of hostilities in Ukraine, President Joe Biden on March 8 announced a ban on imports of Russian crude oil. Critics of Moscow in Washington say sanctions on energy exports are the best way – or perhaps the only way – to force Russia to withdraw. Here's a closer look at the latest US ban on the Russian economy: Will Russia be hurt? According to ABC News, the impact of the US crude oil embargo on Russia is likely to be small. The United States imports only a small fraction of Russian crude oil and does not buy Russian natural gas. Last year, about 8% of US imports of oil and petroleum products came from Russia. Total imports are equivalent to 245 million barrels, or about 672,000 barrels of oil and petroleum products per day. Recently, the import volume has also decreased rapidly because buyers are afraid of the possibility of sanctions. Given the modest amount of Americ...