RIYADH: Australian prime minister Scott Morrison, on Feb.28 has announced fresh sanctions on Russia, which includes a travel ban on president Vladimir Putin. Asian stock prices fell down.
Highlights:
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Asian stock prices are steadily falling as western countries continue imposing fresh sanctions on Russia, and President Vladimir Putin escalated the tensions by ordering nuclear forces to stay vigilant.
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US futures fell, with the contract for the S&P 500 down by 2.5 percent early on early Monday.
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WTI surges more than 6 percent, Brent more than 5 percent trading at around $104
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Ruble sinks 26 percent on the wake of SWIFT sanctions against Russian banks, AP reported.
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Britain said on Monday it was taking further measures against the Russia in concert with the United States and European Union, prohibiting any British entities from undertaking transactions with the Russian central bank, finance ministry and wealth fund.
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Austria's Financial Market Authority imposed a moratorium on Sberbank Europe AG, a unit of Russia's Sberbank SBER.MM, with immediate effect until March 1, 2022, 11:59 pm, the watchdog said on Monday.
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Traditionally neutral Switzerland will adopt all the sanctions already imposed by the EU on Russia over its invasion of Ukraine, including against President Vladimir Putin.
Had a comprehensive discussion with Commissioner @KadriSimson in Brussels today on how the European Commission & @IEA – in cooperation with other IEA governments – can work together to respond to the impacts on European & global energy markets from Russia’s invasion of Ukraine pic.twitter.com/2JVDg0TIsD
— Fatih Birol (@fbirol) February 24, 2022
Australian measures
“From midnight last night, Australian targeted financial sanctions and travel bans came into effect on the Russian President and remaining permanent members of Russia's Security Council: Foreign Minister Sergei Lavrov, Defence Minister Sergey Shoigu, Prime Minister Mikhail Mishustin, and Internal Affairs Minister Vladimir Kolokoltsev,” said Australian prime minister in a statement.
Morrison also supported recent anti-Russia measures adopted by the US and European Union, including disconnecting certain Russian banks from SWIFT.
Morrison noted that Australia will continue imposing further economic sanctions on Russia. He added that these sanctions could paralyze Russian foreign assets, and will disrupt Russia's trade and investment flows.
“These measures will impose severe costs on the Russian economy by disconnecting its key banks from the international financial system and disrupting Russian trade and investment flows. They will also paralyze Russia's foreign reserves and prevent Russian officials and elites from accessing key financial systems,” asserted Morrison.
Asian Stocks
Hong Kong’s Hang Seng HK:HSI slipped 1.6 percent, while the Shanghai Composite CN:SHCOMP lost 0.3 percent. Stocks fell in Singapore SG:STI as well.
However, Australia’s S&P/ASX 200 AU:XJO rose 0.2 percent and South Korea’s Kospi KR:180721 edged up 0.1 percent.
During the early hours of the invasion, the Russian rouble had faced setbacks, but now it is steady at 83.86 to the dollar on Monday morning.
Switzerland adopts sanctions
Traditionally neutral Switzerland will adopt all the sanctions already imposed by the EU on Russia over its invasion of Ukraine, including against President Vladimir Putin, Bern said on Monday.
“This is a big step for Switzerland,” Swiss President Ignazio Cassis told a press conference, after the Alpine nation had for days hesitated over whether to join the international move to sanction Moscow over the attack on its neighbor.
As the EU last week slapped Russia with biting sanctions after it launched its full-scale invasion of Ukraine, Bern only said it would ensure that those penalties could not be circumvented via Switzerland.
But following a government meeting on Monday, Switzerland announced it was now fully onboard with the sanctions.
“Switzerland will implement the sanctions in coordination with the EU,” the government, known as the Federal Council, said in a statement, adding that these were “primarily goods and financial sanctions.”
But they also included the freezing of the assets of persons and companies. In particular, the government said Switzerland would with “immediate effect” impose the sanctions already imposed by the EU on Putin, Prime Minister Mikhail Mishustin and Foreign Minister Sergei Lavrov.
