The United States and Europe are targeting 40% of Russia's central bank's reserves and China, which holds 14% of Russia's foreign exchange reserves, has begun cooperating with Russia in a Western attack.
In a statement on the 28th, the European Central Bank (ECB) announced that the Austrian subsidiary bank of Zverbank, Russia's largest bank, may be bankrupt due to a deposit outflow.
The Central Bank of Russia raised the key interest rate from 9.5% to 20% on the 28th.
The ECB statement said that three banks - Vienna-based Zlerbank Europe (total assets of €13.6 billion) and subsidiaries in Croatia and Slovenia "have had significant deposit outflows as a result of geopolitical tensions" and that "in the near future, will be encountered,” he said.
On the 24th, the US government announced the suspension of transactions with US financial institutions to five banks, including Zverbank, due to Russian economic sanctions. excluded and additional sanctions were imposed.
The North Sea Brent crude oil futures price rose to the $105 range on the 28th as crude oil rose immediately after the announcement of the exclusion of Russian financial institutions from the international settlement network of the United States and Europe, and the previous weekend's closing price was $98.
Texas Light Crude Oil (WTI) rose to $99 a barrel on the same day, and the previous weekend's closing price was $91.
In a joint statement on the 26th, when Canada joined the U.S. EU and Canada, it said with the Russian central bank that it had "agreed to block the use of international reserves of $630 billion".
On the 24th, Chinese President Xi Jinping ordered "support in economic and trade aspects to Russia, which is under illegal US and British sanctions," Japanese Yomiuri reported on the 28th.
The Wall Street Journal of the United States said, "This measure will hit the Russian financial system, and the Russian government will restrict its ability to defend the ruble in the foreign exchange market and limit the purchase of foreign assets due to restrictions on support of banks damaged by international sanctions." Gas companies have accumulated their reserves for many years by converting their overseas sales into securities or bank deposits, and the reserves are held by overseas banks or other central banks in the form of government bonds of other countries,” the report said on the 27th. The journal continued, “According to a recent report by the Central Bank of Russia, this measure will affect about 40% of Russia’s reserves held by North America and Europe as of June, but sanctions if Russia’s key trading partner China, which holds about 14% of Russia’s reserves, is omitted. “Russia’s German and French reserves accounted for about 22% as of June last year,” he said.
Regarding this week's financial market outlook, Yomiuri said on the 28th, "It seems that the development will continue to depend on the situation in Ukraine. "I am concerned about the impact of Russian banks' exclusion from the international settlement network (SWIFT)," he said.
The government's budget deficit of 16.9 trillion won on the 28th is expected to reach 70.8 trillion won this year.
During the financial crisis, the deficit for three consecutive years was 6.9 trillion won in 1997, 18.8 trillion won in 1998, and 13.1 trillion won in 1999.
President Moon Jae-in, at a meeting with the Blue House on the 28th, ordered, "Rapidly seek humanitarian aid to Ukraine."
On the 28th, Yeo Han-koo, head of the Trade Negotiation Headquarters, announced, "Efforts to secure exceptions to the US government in the application of the 'Foreign Direct Product Rule' (FDPR), an export control measure to Russia.