|Host Name||:The SEACEN Centre|
|Date From||:05 Apr 2022|
|Date To||:05 Apr 2022|
In response to Russia’s invasion of Ukraine, the United States, the European Union, and other nations announced a series of unprecedented sanctions on Russia. The sanctions include among other things, banning transactions with the Central Bank of the Russian Federation (CBR), the country's wealth fund, and cutting off a list of Russian banks from that SWIFT messaging network. The sanctions announced against the CBR will severely restrict its access to international reserves to support its currency and financial system. International sanctions on Russia’s banking system and the exclusion of a number of banks from SWIFT have significantly disrupted Russia’s ability to receive payments for exports, pay for imports and engage in cross-border financial transactions.
The unplugging of an entire nation from the world's financial network is significant. According to Bank of England Deputy Governor Jon Cunliffe, the crisis “would add to risks in financial markets which have already been made volatile by a shift to higher interest rates.” He noted that the heightened perception of geopolitical risks, and the potential impacts on growth and inflation, can increase risks around the adjustment away from riskier assets that is already underway during a period of relatively low market liquidity.
The geopolitical uncertainty comes at a difficult time for the world’s central banks. A number have already begun the process of tightening monetary policy in an attempt to combat record-high inflation, but spikes in oil and natural gas prices will likely exacerbate the issue even further. Countries that have economic links with Ukraine and Russia are at particular risk of scarcity and supply disruptions, and financial stability concerns.
The purpose of this session is to explore the Russia-Ukraine Conflict and its Implications for Economic and Financial Stability in Asia.
Some of the key questions that will be deliberated are:
Glenn Tasky, Director, FSSP and Ayse Sungur, Senior Financial Sector Specialist, The SEACEN Centre
Dr. Ole Rummel (The SEACEN Centre)
Wong Siang Leng (Financial Specialist, ASEAN+3 MACROECONOMIC RESEARCH OFFICE)
Elina Ribakova (Deputy Chief Economist, IIF Washington, D.C.)
Gene Ma (Senior China Economist, IIF Washington, D.C)
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