By Victor Duda
"The sanctions are very strong, and their impact on the Russian and world economy cannot be diminished. It is impossible to isolate from their influence," said Elvir Nabiullin. In addition, mobilization and departure of able -bodied men abroad already presses on Russian finances, consumer demand and business. And the sanctions greatly restricted Russia's export income, reducing the cost of dollars and euros proceeding from the sale of raw materials and other goods abroad.
Therefore, according to Nabiullina, the Russian Central Bank does not yet see the need to mitigate capital control, including restrictions on the removal of foreign currency. At the same time, the profits of the aggressor country can be reduced even more, as Western countries are reducing the imports of Russian gas and oil. Therefore, there is a risk of budget deficit more than expected. We will remind, sanctions did not prevent Moscow from increasing exports of fossil fuel and raw materials.
However, aggressor revenues should be reduced after the embargo on Russian oil will come into force on December 5. Meanwhile, Hungary has blocked the European Union's plan for the support of Ukraine under a full -scale war.
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