Russian President Vladimir Putin has hardened capital controls by banning residents from transferring foreign currency abroad. This is being used as a retaliation to the recent sanctions imposed by the US, UK, and EU as over 50% of all Ruble conversions are into either the US dollar, Pound or Euro.
BP and Shell abandoned multi-billion-dollar positions by pulling out of their Russian investments, this is seen as a huge win for the West as they look to add additional sanctions. Further businesses are expecting to pull out of Russia as investors and companies follow BP and Shell’s lead. Many banks, airlines and automakers have ended partnerships and called Russia’s actions unacceptable as many more industries consider similar actions.
In surprising news, the Swiss Government broke a long tradition of neutrality and greed to enforce EU sanctions against Russian companies and individuals that including the Russian President and Foreign Minister. As a result, Russia has cancelled a planned trip to Geneva and the Swiss opposition and media have criticized the Government for getting involved.
| Share Index | Prev. Close | Open |
| FTSE100 | 7458.25 | 7458.25 |
| DAX | 14461.02 | 14404.22 |
| CAC40 | 6658.83 | 6646.16 |