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Mar 17 2023

Sanctions Protect Russia From Banking Crisis

It turns out the sanctions imposed on behalf of the corrupt, authoritarian regime in Ukraine are having an effect on Russia after all — by insulating it from the banking crisis that moonbattery mixed with irresponsible monetary policy has set off in the West:

Top Kremlin spokesman Dmitry Peskov said on Tuesday, according to the Russian state news TASS agency: “Our banking system has certain connections with some segments of the international financial system, but it is mostly under illegal restrictions from the collective West.”

But Peskov added: “We are, to a certain extent, insured against the negative impact of the crisis that is now unfolding overseas,” suggesting that he believes Russia may fair better than other countries tied into the Western banking system.

Last February, Russia was banned from the international banking service SWIFT.

The ban initially caused chaos for the Russian economy and banking system, with the Ruble currency collapsing as millions of concerned Russians tried to withdraw their money from Russian banks. However, despite the early turmoil, the Russian currency ultimately rebounded to on par with pre-war levels, with the currency being propped up, in part, by Moscow’s ability to continue to sell its energy — albeit at a discount — to willing buyers such as India and Communist China.

Meanwhile, our energy prices remain high, helping to hold prices up and the economy down.

Russia has many problems, but at least it doesn’t have to worry about a financial crisis brought on by the sort of woke kooks who crashed Silicon Valley Bank and Signature Bank.

Credit Suisse is in a tailspin and looks likely to follow, despite a $54 billion bailout from Swiss taxpayers. The bank’s head of global markets may not be a self-described “queer person of color and a first-generation immigrant” like SVB’s Jay Ersapah, but he looks true to type in the era of corporate ESG:

On tips from Mr. Freemarket.


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