With 5,530 Sanctions, Russia Is Now The No.1 Rogue State

Russia has surpassed Iran and North Korea as the planet’s most sanctioned nation 10 days after its full-scale invasion of Ukraine.

Photo Insert: Investors have already valued the country’s next year’s bonds at about 29 cents on the US dollar, the lowest figure in history.

With 2,778 new sanctions, it now has to suffer a total of 5,530, Ukraine Daily reported, quoting Bloomberg and Castellum.ai, a global sanctions-tracking database.

Morgan Stanley also predicted a Venezuela-style default in Russia by mid-spring. The New York-based investment firm’s Vice President Simon Waever sees default possible as soon as April 15. Investors have already valued the country’s next year’s bonds at about 29 cents on the US dollar, the lowest figure in history, according to data collected by Bloomberg.

More western companies have refused to serve the Russian market due to its aggression in Ukraine. The companies include Prada, Nissan, and PVH Corp., the parent company of Tommy Hilfiger and Calvin Klein.

In addition, Procter & Gamble has stopped advertising and investment and is reducing its product portfolio to essential health, hygiene, and personal care products.

Russian energy companies Gazprom and Rosneft face foreign debt repayments, the Wall Street Journal (WSJ) reported. Gazprom repaid foreign investors on a $1.3 billion dollar-denominated bond on March 7, while Rosneft has yet to make a payment on a $2 billion, a dollar-denominated bond which was due on March 6.

Global freelance platform Upwork has stopped operations in Russia, Belarus. In the next few days, users in both countries will no longer be able to set up new accounts, sign new contracts, or be visible in search.

All Big Four accounting and consultancy firms have quit Russia. Accountant firms EY and Deloitte severed ties with Russia amid its invasion of Ukraine, following KPMG and PwC.

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