Xu Qiyuan, Researcher of China Finance Forty Forum and Researcher and Deputy Director of
the Institute of World Economics and Politics, Chinese Academy of Social Sciences and Hou
Lei, Associate Researcher of the Institute of World Economics and Politics, Chinese Academy
of Social Sciences, published an assessment of the impact of Western sanctions against Russia
in the 'China Finance Forty Forum on March 1 which was posted on the popular Chinese portal
weixin. Its main points are: European and American financial sanctions against Russia are
restricted by the following three points: With trillions of dollars in assets owned by foreign
capital in Russia, Russia is a commodity "superpower", and the global supply chain is already
very tight; (ii) The substantial impact of financial sanctions on Russia's energy exports has
begun to emerge . The price difference between Russia's crude oil exports and the international
market has Russia can still bear it; (iii) Russia 's fiscal situation faces four major challenges:
the possible reduction of energy exports, the decline of the sovereign credit rating, the loss of
liquidity of foreign reserves, the war itself and its impact on the domestic macro economy; (iv)
The sanctions on foreign exchange reserves will have the biggest impact, which will affect the
stability of the Russian foreign exchange market, inflation and other macroeconomic order, and may even affect the domestic public opinion environment; (v) Russia has taken three
measures to deal with the pressure on the foreign exchange market, but these measures also
show that the liquidity of its foreign exchange reserves may already be under greater pressure;
and (vi) For Russia, the progress of the current war itself is still the main aspect of the
contradiction, and the progress of the war is of great significance to the stability of Russia's
economy and finance.
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