![]() India’s central bank is also in beginning talks with Russian banks to form a rupee-ruble exchange agreement that would enable India to purchase exports, namely oil and gas, without running into currently defined U.N. South Korea and Japan have enacted sanctions in chorus with the U.N. resolution to condemn Russia, notably China (who also just signed a 30-year trade deal for Russian fossil fuels), India, and Pakistan. ![]() Key APAC countries have declined to include themselves in the U.N. Since our last article on the war in Ukraine, Russia is now firmly among the most sanctioned countries in the world, counting over 5,500 formal actions against its economy putting the nation on par with Iran, Syria, North Korea, and Venezuela. Sanctions on people and organizations with Russian links continue to expand in depth and breadth, but the underlying assumption of these punishments are being put to the test do these oligarchs and their businesses, who if stripped of their Western rights and wealth, not only have the desire but even the capacity to influence Putin in any meaningful way? To put this dynamic in some context, less than 0.001% of Russian people have roughly the same amount of wealth as the remaining 99.8% of adult Russian residents. There has now been over 40 days of war and absolute horror in Ukraine. ![]() This is part two ( Read Part One: Tragedy and Conflict Heralds a Schism in Global Payments) of an ongoing series focused on the financial and payments-related repercussions of the invasion of Ukraine by the Russian military.
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