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Ambrose Evans-Pritchard: Half-hearted sanctions against Russia have already failed
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, March 22, 2022
Russia has not defaulted on its sovereign debt after all. Nor is it likely to do so under the current sanctions regime, and as long as Europe continues to finance Vladimir Putin’s military state with purchases of gas, oil, and coal.
The Kremlin is already sufficiently confident to reopen the Moscow stock exchange for bond transactions. The U..S Treasury’s sanctions office has made life easier by leaving a loophole for sovereign debt repayments, concerned that there might otherwise be a Lehmanesque shock to global finance.
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The uninterrupted flow of fossil revenues – at windfall prices – is enough to cover interest service costs and redemptions. Goldman Sachs even thinks that the central bank will be able to relax capital controls gradually.
The rouble has not collapsed. It has stabilised after a 40pc devaluation, a manageable drop for a semi-autarkic closed economy. The fall is less than the currency slide in Turkey over recent months, which few even noticed outside specialist circles.
We are facing the failure of western sanctions policy. ...
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