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Russian companies withdraw billions from west, say Moscow bankers
Financial Times ^ | 14 March 14 | Patrick Jenkins and Daniel Schäfer in London and Courtney Weaver and Jack Farchy in Moscow

Posted on 03/14/2014 2:58:26 PM PDT by SkyPilot

Russian companies are pulling billions out of western banks, fearful that any US sanctions over the Crimean crisis could lead to an asset freeze, according to bankers in Moscow.

Sberbank and VTB, Russia’s giant partly state-owned banks, as well as industrial companies, such as energy group Lukoil, are among those repatriating cash from western lenders with operations in the US. VTB has also cancelled a planned US investor summit next month, according to bankers.

The flight comes as last-ditch diplomatic talks between Russia’s foreign minister and the US secretary of state to resolve the tensions in Ukraine ended without an agreement.

Markets were nervous before Sunday’s Crimea referendum on secession from Ukraine. Traders and businesspeople fear this could spark western sanctions against Russia as early as Monday.

(Excerpt) Read more at ft.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; Russia
KEYWORDS: banks; crimea; russia; stocks Comment #1 Removed by Moderator

From Bloomberg:

Fed Custody Holdings Record Decline Fuels Russia Speculation

2 posted on 03/14/2014 3:00:08 PM PDT by SkyPilot
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To: SkyPilot

The debt to Russia can easily be repudiated without affecting anyone else.

Russia
barrel

If I were President, I could F them up pretty good.


3 posted on 03/14/2014 3:02:43 PM PDT by UnbelievingScumOnTheOtherSide (HELL, NO! BE UNGOVERNABLE! --- ISLAM DELENDA EST)
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Bump for later.


4 posted on 03/14/2014 3:03:14 PM PDT by LuvFreeRepublic
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To: SkyPilot

I can almost hear the stock market crash from my house!

That can’t possibly be good for business. Another nail in
our coffin of state?


5 posted on 03/14/2014 3:06:17 PM PDT by LUV W (All my heroes wear camos! Thank you David, Michael, Chris Txradioguy, JJ, CMS, & ALL Vets, too!)
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Putin Deports Executives for Speeding as Sanctions Loom

Lawmakers meanwhile are preparing legislation that would allow Russian authorities to seize assets of western companies in case of sanctions. ....German Chancellor Angela Merkel said in parliament yesterday that Putin risks “massive” political and economic damage if he doesn’t de-escalate the conflict.

The feckless Kerry has no idea what to do. The Russians do not fear us.


6 posted on 03/14/2014 3:06:43 PM PDT by SkyPilot
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To: UnbelievingScumOnTheOtherSide
The debt to Russia can easily be repudiated without affecting anyone else.

It isn't even the debt amount. It is the fact that they are willing to throw the first torch into the pile of sticks.

We are not on firm foundation, and the US Dollar's day as the World Reserve Currency is, I fear, about over.

7 posted on 03/14/2014 3:08:31 PM PDT by SkyPilot
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To: Admin Moderator

Thanks Mod.


8 posted on 03/14/2014 3:09:16 PM PDT by SkyPilot
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To: SkyPilot

JFK is protecting US interests just the way we all thought he would.


9 posted on 03/14/2014 3:12:40 PM PDT by Rudder
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To: SkyPilot

Not as long as the dollar is backed by plutonium.


10 posted on 03/14/2014 3:13:10 PM PDT by UnbelievingScumOnTheOtherSide (HELL, NO! BE UNGOVERNABLE! --- ISLAM DELENDA EST)
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To: Rudder
U.S. to relinquish remaining control over the Internet


11 posted on 03/14/2014 3:14:19 PM PDT by SkyPilot
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