Vladimir Putin has ordered Russian authorities to stop publishing data on banks, oil and debt. Government debt, trade statistics, oil production, and more statistics will all be hidden from now on. Even Russian central banks have limited the data available to smaller banks in Russia as Putin takes the route of secrecy to protect his country from further Western sanctions, which have proved to be effective. But, the secrecy of Russian economic data will be an added challenge for the U.S. to impose future sanctions, see Russian economic weak spots, and to analyze how the previous sanctions are affecting Russia. With Russia and Vladimir Putin scrambling to disarm Western sanctions, only time can tell if hiding data will ease future sanctions.
https://www.wsj.com/articles/russia-blocks-economic-data-hiding-effect-of-western-sanctions-11650677765
I see what he's doing here but I question how effective this really is. Not allowing banks to fully communicate information with other banks has to be hindering their ability in some fashion. But, you can't really be surprised when it comes to Putin.
ReplyDeleteI think not having that information will make communication for every party involved very hard. This has the potential to harm things and make it worse if he's not careful, especially because even the smaller Russian banks have limited information on the Russian central banks.
ReplyDeleteRussia's economy has suffered as a result of various sanctions and restrictions placed upon them by world leaders. I think that his actions will further anger nations especially in Europe and could have a lasting negative effect on Russia's economy.
ReplyDeleteYes, this was maybe a smarter move for Putin like other people have stated but I just don't see it working out in his favor in the long run. His economy is terrible at the moment and keeping information from people, especially information that would help the banks, will damage the economy even more.
ReplyDeleteIn my opinion, the reason for this is confidentiality. Currently, Russia is experiencing many economical issues. Putin doesn't want the world to see the number which may be informative to its rivials.
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