Russia bans money transfers to Ukraine via foreign payments systems

[Balu]

Russia bans money transfers to Ukraine via foreign payments systems

Business & Economy
April 04, 11:57 UTC+3 MOSCOW
Earlier Kiev banned money transfers to Russia that are conducted by Russian payment systems




© Artyom Geodakyan/TASS

MOSCOW, April 4. /TASS/. Russia’s President Vladimir Putin has signed a law which bans money transfers to Ukraine via foreign payment systems. The document has been published on the official Internet portal of legal information of the Russian government.
Earlier Kiev banned money transfers to Russia that are conducted by Russian payment systems.
Read also


IMF allocates another tranche worth $1 bln to Ukraine

The amendments to the Law on the National Payment System stipulate that if a foreign state introduces a ban regarding payment systems, the operators of which are registered with the Central Bank of the Russian Federation, in this case cross-border transfers can only be made through an operator controlled by a Russian legal entity.
When the Federation Council (upper chamber of the Russian parliament) considered this document the senators stressed that these norms are a response to the actions of the Ukrainian authorities, which actually banned the operation of Russian payment systems on their territory.
According to the documents attached to the law, the restrictions concern only to transfers, which are conducted without opening a bank account.
The law will come into effect 30 days after the official publication.
In October 2016, the Ukrainian authorities imposed sanctions on Russian payment systems Golden Crown, Kolibri (Sberbank), Leader, Unistream, Anelik and Blizko.
The National Bank of Ukraine (NBU) sent out telegrams to participants of Russian payment systems regarding the termination of operations with these systems, and also obliged banks to return their certificates on registration in Russian payment systems to the regulator.

More:
http://tass.com/economy/939213

Please, be kindly informed - After the State coup in Ukraine there are more than 4 million only labor migrants from Ukraine (about 40% of the total amount of Ukrainian labor migrants to all countries) keep on earning money in Russia providing their families and relatives to survive in prosperous democratic Ukraine.
I can hardly imaging that such a number of labor migrants could voluntary went to Nazi Germany from the USSR in 1941-1945 we were in war against. And can you?
P.S.
Total population of Ukraine (including babies and olders) amounts about 42 million people.

[sear]

Russia bans money transfers to Ukraine via foreign payments systems



I'm impressed.
Here to fore Vlad Putin has been SPECTACULARLY ignorant about economics and finance.

I once read an account of, shortly after the Wall fell, Putin entering a store (in transition from Soviet economics, to capitalist economics).

Putin didn't like the price of a loaf of bread.
The shopkeeper tried to explain to Putin that retail works on basis of operating cost, plus profit.
Putin reportedly would have none of it, and harangued the shopkeeper to be sure the price was lower tomorrow.

Decades later:
When Mitt Romney ran the Olympics in Utah, Romney turned a profit with it.
When Putin ran the Olympics in Sochi, it cost Russia nearly $50 $Billion in $loss.

I've long suspected when Putin opted to annex Crimea, Putin figured the West wouldn't respond MILITARILY,
thus it was a risk-free enterprise.

Only after the annexation did Putin get blind-sided by the sanctions that have so severely lowered the standard of living in Russia.

At long last, according to this headline, it seems Putin's found himself an advisor with a clue.

[Balu]

Russia bans money transfers to Ukraine via foreign payments systems



I'm impressed.
Here to fore Vlad Putin has been SPECTACULARLY ignorant about economics and finance.

I once read an account of, shortly after the Wall fell, Putin entering a store (in transition from Soviet economics, to capitalist economics).

Putin didn't like the price of a loaf of bread.
The shopkeeper tried to explain to Putin that retail works on basis of operating cost, plus profit.
Putin reportedly would have none of it, and harangued the shopkeeper to be sure the price was lower tomorrow.

Decades later:
When Mitt Romney ran the Olympics in Utah, Romney turned a profit with it.
When Putin ran the Olympics in Sochi, it cost Russia nearly $50 $Billion in $loss.

I've long suspected when Putin opted to annex Crimea, Putin figured the West wouldn't respond MILITARILY,
thus it was a risk-free enterprise.

Only after the annexation did Putin get blind-sided by the sanctions that have so severely lowered the standard of living in Russia.

At long last, according to this headline, it seems Putin's found himself an advisor with a clue.

Do never drink from a muddy puddle, otherwise you will get diarrhea and start guiding the 6th American fleet to the shores of Belarus (according to the version of Jennifer Psaki)
Putin was a prime minister in Russia until his first presidential term and four more years after his eight years of presidency.
Then, be kindly informed that -Sochi 2014 made an operating profit of RUB 3.25 billion (£34 million/$53 million/€47 million), the International Olympic Committee (IOC) have announced here - plus all the installations and infrustructure for further usage.

http://www.insidethegames.biz/articl...fit-ioc-reveal
As for the reunification of the Crimea with Russia, you can see the results of the 2014 referendum held in the Republic of Crimea after the Nazi coup in Kiev yourself.

[sear]

Do never drink from a muddy puddle, otherwise you will get diarrhea and start guiding the 6th American fleet to the shores of Belarus (according to the version of Jennifer Psaki)
Putin was a prime minister in Russia until his first presidential term and four more years after his eight years of presidency.
Then, be kindly informed that -Sochi 2014 made an operating profit of RUB 3.25 billion (£34 million/$53 million/€47 million), the International Olympic Committee (IOC) have announced here - plus all the installations and infrustructure for further usage.

http://www.insidethegames.biz/articl...fit-ioc-reveal
As for the reunification of the Crimea with Russia, you can see the results of the 2014 referendum held in the Republic of Crimea after the Nazi coup in Kiev yourself.

Most of what I've read of it reports cost of between $40$B - $50$B.

What Did Sochi Get for $51 Billion? Highways, Railroads and a Lot ...
http://www.thenation.com/article/wha...hite-elephants
Feb 11, 2014 ... The $51 billion Sochi Olympics are already infamous for being the most ... let alone those residents who lost their homes, is another question. “In Russia it's not customary to count the money, the main thing is that there was ...



Here Are the 7 Biggest Financial Disasters in Modern Olympic History
fortune.com/2016/08/10/olympics-financial-disasters
Aug 10, 2016 ... The Opening Ceremony of the 2014 Winter Olympic Games in Sochi, Russia ... such that it's encouraging for countries to bid on the games as they once did." .... hockey team's “Miracle on Ice” win over the heavily favored Russians. .... the sum total of all money spent on all previous winter Olympic games.” ...


I've got no dog in that fight.
If you wish to perceive Putin an economic genius, please be my guest. I think he has clue $zero about it, and wouldn't bet my life he knows how to make pocket change buying a newspaper (to read the obit. to see if his henchmen have accomplished their missions).

[Drummond]

Russia bans money transfers to Ukraine via foreign payments systems

Business & Economy
April 04, 11:57 UTC+3 MOSCOW
Earlier Kiev banned money transfers to Russia that are conducted by Russian payment systems




© Artyom Geodakyan/TASS

MOSCOW, April 4. /TASS/. Russia’s President Vladimir Putin has signed a law which bans money transfers to Ukraine via foreign payment systems. The document has been published on the official Internet portal of legal information of the Russian government.
Earlier Kiev banned money transfers to Russia that are conducted by Russian payment systems.
Read also


IMF allocates another tranche worth $1 bln to Ukraine

The amendments to the Law on the National Payment System stipulate that if a foreign state introduces a ban regarding payment systems, the operators of which are registered with the Central Bank of the Russian Federation, in this case cross-border transfers can only be made through an operator controlled by a Russian legal entity.
When the Federation Council (upper chamber of the Russian parliament) considered this document the senators stressed that these norms are a response to the actions of the Ukrainian authorities, which actually banned the operation of Russian payment systems on their territory.
According to the documents attached to the law, the restrictions concern only to transfers, which are conducted without opening a bank account.
The law will come into effect 30 days after the official publication.
In October 2016, the Ukrainian authorities imposed sanctions on Russian payment systems Golden Crown, Kolibri (Sberbank), Leader, Unistream, Anelik and Blizko.
The National Bank of Ukraine (NBU) sent out telegrams to participants of Russian payment systems regarding the termination of operations with these systems, and also obliged banks to return their certificates on registration in Russian payment systems to the regulator.

More:
http://tass.com/economy/939213

Please, be kindly informed - After the State coup in Ukraine there are more than 4 million only labor migrants from Ukraine (about 40% of the total amount of Ukrainian labor migrants to all countries) keep on earning money in Russia providing their families and relatives to survive in prosperous democratic Ukraine.
I can hardly imaging that such a number of labor migrants could voluntary went to Nazi Germany from the USSR in 1941-1945 we were in war against. And can you?
P.S.
Total population of Ukraine (including babies and olders) amounts about 42 million people.

Be honest. This is just another attempt to bring Ukraine to its knees.

Russia grabbed Crimea, through a so-called Referendum which the international community regarded as illegal. Now, Russia - though it has no actual need to do what it's doing - is nevertheless trying to make Ukraine financially suffer even more than it currently is. Putin obviously thinks he can achieve through financial means what he'd otherwise manage militarily, but with the advantage of hoping to avoid an international outcry.

I wonder just how big the 21st century version of Putin's 'USSR' will eventually be. Do you have any insights on that, Balu ?

[Balu]

If you wish to perceive Putin an economic genius, please be my guest. I think he has clue $zero about it, and wouldn't bet my life he knows how to make pocket change buying a newspaper (to read the obit. to see if his henchmen have accomplished their missions).

I would rather use the language the most understandable for Americans.

[Drummond]

I would rather use the language the most understandable for Americans.

Looks to be an impressive rate of progress on the face of it. Though ... even judging from this propaganda piece, the average Russian is only earning around $530 in income, after approximate conversion from roubles to dollars (.. in 2013). What's the timescale for such earnings, anyway ... is it weekly ? Monthly ? Longer ?? Please clarify.

I wonder how well Americans would do on such a comparatively low wage ?

Perhaps this is why Russia is so keen to land-grab, as it did with Crimea ? Is it copying the old USSR model, where Russia took resources away from its satellite countries, to inflate its standard of living ?

[Gunny]

Looks to be an impressive rate of progress on the face of it. Though ... even judging from this propaganda piece, the average Russian is only earning around $530 in income, after approximate conversion from roubles to dollars (.. in 2013). What's the timescale for such earnings, anyway ... is it weekly ? Monthly ? Longer ?? Please clarify.

I wonder how well Americans would do on such a comparatively low wage ?

Perhaps this is why Russia is so keen to land-grab, as it did with Crimea ? Is it copying the old USSR model, where Russia took resources away from its satellite countries, to inflate its standard of living ?

Damn. I need to move to Russia. I'd be considered rich on my retirement check with that income average. That average income would have you living under a bridge here.

[Drummond]

Damn. I need to move to Russia. I'd be considered rich on my retirement check with that income average. That average income would have you living under a bridge here.

Quite !!

Though ... for people to survive on those low wages, it has to follow that State subsidies on even the most basic of goods is considerable. Where does the money come from to sustain such a thing, and especially for a country the size of Russia ?

It has to follow that Russia is running a 'Mickey Mouse' economy ... on wholly unrealistic lines. Such a structure has to collapse one day.

... OR .... maybe not. Russia could always copy the old Soviet model and annexe countries, to begin a parasitic relationship with them.

My belief is that we'll see a lot more than just Crimea annexed in years to come. Russia either enforces a new 'empire' on others, or, it goes into meltdown.

P.S ... an afterthought. Russia, in financial difficulty, would consider selling / manufacturing what it can to get much-needed foreign money. Now ... what if they start selling in massively increased quantities what they have the most of .. armaments ? What rogue nations would happily buy them ?

-- Assad's Syria, for example ? I wonder if Putin's staunch support for him has a financial aspect to it ?

[Balu]

Looks to be an impressive rate of progress on the face of it. Though ... even judging from this propaganda piece, the average Russian is only earning around $530 in income, after approximate conversion from roubles to dollars (.. in 2013). What's the timescale for such earnings, anyway ... is it weekly ? Monthly ? Longer ?? Please clarify.

I wonder how well Americans would do on such a comparatively low wage ?

Perhaps this is why Russia is so keen to land-grab, as it did with Crimea ? Is it copying the old USSR model, where Russia took resources away from its satellite countries, to inflate its standard of living ?

I'll try to clarify.
In Russia national currency is rubles and all salaries and expenses are in rubles too. So there is no direct relation between currencies basing on commercial bank exchange rate. For you it may be too complicated to understand as you started to compare salaries calculating them into dollars.
To have an idea you must know the prices, tariffs, taxes and insurance rates.
But there are indirect indicators - to see how people live. Very often it gives the more reliable information for understanding than statistical data.
Once I put a clip from underground, where people could be seen as they are. But all they are wealthy people as they can afford themselves to have smartphones and pay tariff to enter the subway. But poor souls, who never saw the metro from inside, have to spend hours in traffic jams in their cars every day to re-register at the labor exchanges in order not to lose their welfare and get their free plate of charity soup. Don't believe? - Have a look.



Especially for you and those who didn't understand it yet, repeating once again - Russia satisfied the WILL of the folks of Republic Crimea expressed at their republican referendum to REUNITE with their historical Motherland as they DID NOT want to live in Ukraine furthermore after the NAZI STATE coup the West organized, paid and conducted in Kiev in February 2014.
If you are not able to understand it - learn it by heart mechanically.