among the countries hostile to Russia also Italy. What retaliation does it risk? – Corriere.it

Of Federico Fubini and Fiorenza Sarzanini

the tool that Putin has decided to use to balance the sanctions imposed in accordance with the European Union. There are also possible consequences on corporate credit

The immediate effect is the urgent return of the Italians to their homeland, already requested by the Farnesina. But if the war goes on for a long time, the consequences the inclusion of our country in the list of hostile states to Russia could be much heavier. Because the tool that Vladimir Putin has decided to use to balance the sanctions imposed in accordance with the European Union. And therefore i economic damage could be severeas well as the consequences on daily life with the cutting of raw materials and energy.

The issuance of visas

The authorities of Moscow could withdraw visas from foreignersor apply against them the new information rules which provide for very high fines and the arrest of those accused by local authorities of divulging false news. For this he comes return to Italy recommended.

Refunds in rubles

Companies from the blacklisted countries would be reimbursed for their credits in rubles, rather than in the currency in which the payment was foreseen in the commercial contracts. The ruble has already devalued by 45% against the euro. Financially speaking, therefore, it is a de facto default by Russian entities towards their creditors, because they will be repaid in a currency that has already lost a lot value and more will surely lose in the future. At the moment the Russian central bank can only print rubles and provide them to businesses, which with them will pay the Italian, German or French creditors. But the increase in the money supply in rubles in turn contributes to devaluation and inflation.

Banks exposed

Italian banks it’s first in Europe for the gross volume of exposures on Russia: 25.3 billion euros as at 30 September 2021, according to the Bank for International Settlements. And it is also those in Europe that, in proportion, have reduced their exposure to Russia the least after the first attack on Ukraine in 2014. The German and French banks, on the other hand, have significantly cut their positions in the country.

The companies

One of the risks feared by international analysts concerns the nationalization of companies. Just as the government’s retaliation for sanctions Moscow may decide to acquire the property or at least control of firms operating in Russia.

Wheat and corn

Russia and Ukraine together they account for about one fifth of the world’s maize trade and one fifth reduction of exports can contribute to a cost increase farms, with consequences on the entire food chain. Russia alone accounts for 6% of soft wheat arriving in our country and these sales will now be blocked. With an effect aggravated in these hours since export block in the rest of the world decreed by Hungary for food safety reasons which represents 30% of Italy’s soft wheat imports (used for bread and derivatives, but little for pasta) and 32% of corn imports.

The energy

For days the Prime Minister Mario Draghi and the Foreign Minister Di Maio they have started negotiations with some states – first of all Algeria and Qatar – for alternative routes to the supply of gas and energy should Russia decide to close the taps even only partially. At the moment the implicit threat from Russia remains in the background even if for the moment it seems unlikely Putin decides to take this path, because Russia would be the first victim: natural gas is now its main source of income and one of the few remaining, with over 200 billion a year at its current prices; and Europe is the first customer with over 80% of Russian gas exports, a reality that is difficult to modify given the essential role of the existing transport infrastructures. There aren’t enough gas pipelines for divert supplies destined for Europe to China, for example. Cutting off natural gas, for Putin, would be the last act of a leader now in the grip of an apocalyptic vision of his role.

Hacker attacks

For days the Agency of the cybersecurity alerted companies and government agencies to possible cyber attacks. So far i protection devices they worked but the danger of blocking the networks, infrastructures and the health system remains high.

March 8, 2022 (change March 8, 2022 | 09:14)

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About Alex Marcell

He likes dogs, pizza and popcorn. Already a fanboy of Nintendo and Sony, but today throws anything. He has collaborated on sites and magazines such as GameBlast, Nintendo World, Hero and Portal Pop, but today is dedicated exclusively to Spark Chronicles.

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