Hit them where it hurts: in the wallet.
The sanctions appear to be working.
Videos from Russia showed long lines of Russians trying to withdraw cash from ATMs, while the Russian Central Bank issued a statement calling for calm, in an effort to avoid bank runs. Reports also showed that Visa and Mastercard were no longer being accepted for those with international bank accounts.
And in an unprecedented move, Switzerland, a neutral country, joined the EU in imposing sanctions and freezing assets of Putin and Russia.
While supposed “peace talks” on the Belarus border were occurring today, Russians were still shelling civilians in Ukraine.
So how does it end? Some theories.
Finally, some are saying the Black Sea border guards on Snake Island who famously told the Russian invaders “Go Fuck Yourself,” before they were overrun, may actually be alive. Hopefully, this news is true!
D[/4 – Thank you.
Thank you for reading today's post. Have an InterStellar Day! ~PrP
Roughly $300 billion of Russia’s reserves are now locked away from Putin in the U.S., Europe, and other allied countries. While Russia still holds billions of dollars worth of gold within its borders, experts say Moscow will find few willing buyers with its banks under their own crushing sanctions.
“The problem is they can’t convert it into something useful if other people aren’t willing to deal with them,” said Derek Tang, co-founder and economist at research firm Monetary Policy Analytics.
“They own it, but they can’t use it.”
Without access to its reserves, the Russian government has resorted to desperate measures to keep its economy and financial sector afloat. The Russian central bank hiked its baseline interest rate to 20 percent and banned the sale of securities held by foreigners to prevent the ruble from collapsing further.
Did You Know?
One of the least profitable conferences hosted in Las Vegas was the 1986 gathering of the American Physical Society—hardly anyone gambled, presumably, because the physicists understood probability and statistics, and saw no benefit in gambling.
Did You Know?
You can’t fool a breathalyzer test by chewing gum, eating mints, or even throwing up—the alcohol vapors don’t come from your stomach, but come from your blood and are diffused through the surface area of your lungs as you exhale.
Did You Know?
Despite the appearance of deep isolation in the desert, the Great Pyramids of Giza are right on the edge of the city of Cairo with fast food restaurants and busy city streets a few hundred feet away from the pyramid complex. Photos that show the Pyramids with the desert stretching out for miles in the background are taken with the photographer facing away from the city and carefully framing the photo.
One real danger is that the Republicans will block action in the US Senate, both for domestic political reasons and because of their own Putinite sympathies, denying the president the resources he needs to work with our allies to keep the worst from happening.