The War in Ukraine

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  • SalesServiceGuy
    Field Supervisor

    Site Contributor
    5,000+ Posts
    • Dec 2009
    • 8197

    #136
    Re: The War in Ukraine

    Russia owes Western banks $120 billion. They won’t get it back


    Goldman Sachs is the first major Western bank to get out of Russia following the invasion of Ukraine. More are likely to follow at a cost of tens of billions of dollars.

    The Wall Street giant said Thursday that it is “winding down its business in Russia in compliance with regulatory and licensing requirements,” a Goldman Sachs spokesperson said.

    The departure follows a scramble by Western banks to tally their exposure to Russia after President Vladimir Putin ordered the invasion of Ukraine, triggering punishing sanctions that cover most of the country’s financial system, including its central bank and top commercial lenders — VTB and Sberbank.

    It also comes after a stampede of Western businesses out of just about every other sector of Russia’s economy, and as ratings agencies warn that a Russian debt default is imminent.

    International banks are owed more than $121 billion by Russian entities, according to the Bank for International Settlements, which suspended Russia’s membership on Thursday. European banks have over $84 billion total claims, with France, Italy and Austria the most exposed, and US banks owed $14.7 billion.

    Goldman Sachs (GS) earlier disclosed that it had credit exposure to Russia of $650 million in December 2021.

    Other banks with more to lose could soon follow Goldman Sachs out of Russia. Kremlin spokesperson Dmitry Peskov said Thursday that the economic situation in Russia is “absolutely unprecedented” and blamed the West for an “economic war.” Moscow has pledged to retaliate for the sanctions, and some banks have suggested that their assets could be seized or nationalized by the Kremlin.

    Fitch Ratings warned previously that “large western European banks’ asset quality will be pressured by the fallout from Russia’s invasion of Ukraine,” and that their operations also face increased risk as they race to comply with international sanctions.

    French bank Societe Generale (SCGLF) said last week it is “rigorously complying with all applicable laws and regulations and is diligently implementing the measures necessary to strictly enforce international sanctions as soon as they are made public.”

    The bank said it had almost $21 billion in exposure to Russia at the end of last year.
    Societe Generale “has more than enough buffer to absorb the consequences of a potential extreme scenario, in which the group would be stripped of property rights to its banking assets in Russia,” it said.

    France’s BNP Paribas (BNPQF) said on Wednesday that its exposure to both Russia and Ukraine totals €3 billion ($3.3 billion).

    Italy’s UniCredit (UNCFF), which has been operating in Russia since 1989, said last week that its Russian arm was “very liquid and self-funded,” and that the franchise accounts for just 3% of the bank’s revenue. On Tuesday, it said that its exposure to Russia totals roughly €7.4 billion ($8.1 billion).

    Credit Suisse (CS) said Thursday that it has exposure to Russia of 1 billion Swiss francs ($1.1 billion).

    Deutsche Bank (DB) said in a statement on Wednesday that it has “limited” exposure to Russia, with gross loan exposure of €1.4 billion ($1.5 billion). The German lender said it has significantly reduced its exposure to Russia since 2014, with further action taken over the past two weeks.
    US banks could feel pain, too. Citigroup (C) disclosed last week that it had roughly $10 billion in total exposure to Russia.

    Mark Mason, the bank’s chief financial officer, told investors that the bank has been performing tests to evaluate the consequences “under different stress type of scenarios.” He said the bank could lose roughly half its exposure in a “severe” scenario.

    Citi said Wednesday that it would stick to its plan of exiting its consumer banking business — but it might be very hard to find a buyer given the political and economic climate.

    “As we work toward that exit, we are operating that business on a more limited basis given current circumstances and obligations,” it said in a statement. “With the Russian economy in the process of being disconnected from the global financial system as a consequence of the invasion, we continue to assess our operations in the country,” it added.

    The European Central Bank addressed the risk to the banking sector on Thursday, saying that Europe’s financial system has enough liquidity and there were limited signs of stress.

    “Russia is important in terms of energy markets, in terms of commodity prices, but in terms of the exposure of the financial sector, of the European financial sector, Russia is not very relevant.” said Luis de Guindos, vice president of the central bank.

    “The strains and the tensions that we have seen are not comparable at all to what happened at the beginning of the pandemic,” he added.

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    • Copier Addict
      Aging Tech

      Site Contributor
      10,000+ Posts
      • Jul 2013
      • 14729

      #137
      Re: The War in Ukraine

      Originally posted by BillyCarpenter
      Just because you have never criticized Biden (or Trudeau for that matter) doesn't mean that mistakes weren't made.

      The first mistake Biden made was indicating that it would be okay for Putin to invade so long as it wasn't a major invasion. You still haven't criticized Biden for that. Lemming.
      And you still haven't called out trump for praising putin for invading Ukraine. Coward

      Comment

      • Drivee
        Trusted Tech

        250+ Posts
        • Nov 2020
        • 322

        #138
        Re: The War in Ukraine

        Originally posted by Phil B.
        They asked for our help..
        They were specific in their needs/wants, they didn't get everything they asked for.
        The EU area also pledged to send stuff, don't remember exactly what was promised.

        Sent from my SM-G960U using Tapatalk
        If junky asking for help and ask for heroin will you give him to help him or maybe better option is something else? The problem is that you all don't know what is happening in UA. They killing Russians from 2005, over 10k are dead. I don't want to mention naci party and millinery. Google Azov and look how they look. Like Hitler Army. Putin need to respond on this..or he will be pu...y.

        Comment

        • bsm2
          IT Manager

          25,000+ Posts
          • Feb 2008
          • 30222

          #139
          Re: The War in Ukraine

          Comment

          • bsm2
            IT Manager

            25,000+ Posts
            • Feb 2008
            • 30222

            #140
            Re: The War in Ukraine

            Comment

            • bsm2
              IT Manager

              25,000+ Posts
              • Feb 2008
              • 30222

              #141
              Re: The War in Ukraine

              Comment

              • bsm2
                IT Manager

                25,000+ Posts
                • Feb 2008
                • 30222

                #142
                Re: The War in Ukraine

                Comment

                • SalesServiceGuy
                  Field Supervisor

                  Site Contributor
                  5,000+ Posts
                  • Dec 2009
                  • 8197

                  #143
                  Re: The War in Ukraine

                  Award-winning US journalist Brent Renaud killed in Ukraine


                  An award-winning journalist who was a former New York Times contributor has been killed by Russian forces near Kyiv, the region’s head of police said Sunday.

                  Brent Renaud, 51, a video journalist, was fatally shot when Russian troops opened fire on a car near the Romanivsky Bridge in Irpin, police said.

                  “The occupants cynical kill even journalists of the international media who try to show the truth about the inaction of Russian troops in Ukraine,” Kyiv Chief of Police Andrey Nebitov wrote on Facebook.

                  “Of course, the profession of a journalist is a risk, but US citizen Brent Renaud paid his life for trying to highlight the aggressor’s ingenuity, cruelty and ruthlessness,” he continued.
                  Two other journalists were also injured in the attack and taken to the hospital, Nebitov said.
                  The attack comes as Irpin has been the target of heavy shelling by Russian forces.
                  The New York Times issued a statement about Reanud’s death Sunday.

                  “We are deeply saddened to hear of Brent Renaud’s death. Brent was a talented filmmaker who had contributed to The New York Times over the years,” a New York Times spokesperson told The Post.

                  Though he was initially identified as a New York Times journalist, he had not been on assignment for the newspaper at the time of his death, the spokesperson said.
                  “Early reports that he worked for Times circulated because he was wearing a Times press badge that had been issued for an assignment many years ago,” the spokesperson said.

                  Renaud has won a Peabody Award for his work alongside his brother, Craig, according to the bio on his website. The brothers have worked on documentary projects for their company, the Renaud Brothers, from Iran, Afghanistan, Haiti, Egypt, Libya and Mosul.

                  Comment

                  • BillyCarpenter
                    Field Supervisor

                    Site Contributor
                    10,000+ Posts
                    • Aug 2020
                    • 16392

                    #144
                    Pentagon push to send more trainers to Ukraine was scrapped in December amid White House fears of provoking Russia
                    Adversity temporarily visits a strong man but stays with the weak for a lifetime.

                    Comment

                    • bsm2
                      IT Manager

                      25,000+ Posts
                      • Feb 2008
                      • 30222

                      #145
                      Re: The War in Ukraine

                      Originally posted by BillyCarpenter
                      You have to give President Biden credit for consistency. Unfortunately, he has been consistently wrong. As Robert Gates, former defense secretary in the Obama administration, once put it, Biden has “been wrong on nearly every major foreign policy and national security issue over the past four decades.”


                      This is yet another wrong decision by Biden and everyone should be very concerned that the worst is yet to come.
                      Another Doom and Gloom post
                      How about supporting the United States for a CHANGE

                      PS come out from under your Bed

                      BTW YOU can sign up to Fight in Ukraine since you chicken out in Afghanistan now you can fight the Russians

                      Comment

                      • Phil B.
                        Field Supervisor

                        10,000+ Posts
                        • Jul 2016
                        • 22798

                        #146
                        Re: The War in Ukraine

                        Hail of Missiles Strikes Near US Consulate in Apparent Attack, Iran Calls It Retaliation

                        Sent from my SM-G960U using Tapatalk

                        Comment

                        • Copier Addict
                          Aging Tech

                          Site Contributor
                          10,000+ Posts
                          • Jul 2013
                          • 14729

                          #147
                          Re: The War in Ukraine

                          Originally posted by bsm2
                          Another Doom and Gloom post
                          How about supporting the United States for a CHANGE

                          PS come out from under your Bed

                          BTW YOU can sign up to Fight in Ukraine since you chicken out in Afghanistan now you can fight the Russians
                          They haven't been told who to support yet. That's why they twist themselves up so much. Trump obviously supports putin, but they won't criticise him for it. The problem they have is they can't come out and overtly support putin, so they do it covertly by criticising biden no matter what he does.

                          Comment

                          • Phil B.
                            Field Supervisor

                            10,000+ Posts
                            • Jul 2016
                            • 22798

                            #148
                            Re: The War in Ukraine

                            Originally posted by copier addict
                            They haven't been told who to support yet. That's why they twist themselves up so much. Trump obviously supports putin, but they won't criticise him for it. The problem they have is they can't come out and overtly support putin, so they do it covertly by criticising biden no matter what he does.
                            I don't support Biden.

                            I said years ago, Vlad needs a bullet. He's never been on my good list.

                            I don't need to be told how to think or who to vote for.

                            I went to teachers meetings/PTA meetings. They were a laugh.. no ' in control representatives ' ... got on the school famrep.. 2 of us and 4 school reps (teacher/admin/safety/housekeeping)

                            They didn't like our questions/demands .. stalled us every way possible.

                            School board/Admin thought enough about it to start the plan right away.

                            Went on a local campaign committee,
                            found out what the TRUE values/morals of that candidate was ( not what they campaigned as ) and walked away. EOS.

                            I had my issues with Trump, I stated them years ago. But they were IMHO minor things, where his political policies
                            worked very well.


                            Sent from my SM-G960U using Tapatalk

                            Comment

                            • Copier Addict
                              Aging Tech

                              Site Contributor
                              10,000+ Posts
                              • Jul 2013
                              • 14729

                              #149
                              Re: The War in Ukraine

                              Originally posted by Phil B.
                              I don't support Biden.

                              I said years ago, Vlad needs a bullet. He's never been on my good list.

                              I don't need to be told how to think or who to vote for.

                              I went to teachers meetings/PTA meetings. They were a laugh.. no ' in control representatives ' ... got on the school famrep.. 2 of us and 4 school reps (teacher/admin/safety/housekeeping)

                              They didn't like our questions/demands .. stalled us every way possible.

                              School board/Admin thought enough about it to start the plan right away.

                              Went on a local campaign committee,
                              found out what the TRUE values/morals of that candidate was ( not what they campaigned as ) and walked away. EOS.

                              I had my issues with Trump, I stated them years ago. But they were IMHO minor things, where his political policies
                              worked very well.


                              Sent from my SM-G960U using Tapatalk
                              We still haven't heard you criticise trump for his praise of Putin's invasion of Ukraine. Why is that Phil?

                              Comment

                              • Phil B.
                                Field Supervisor

                                10,000+ Posts
                                • Jul 2016
                                • 22798

                                #150
                                Re: The War in Ukraine

                                Originally posted by copier addict
                                We still haven't heard you criticise trump for his praise of Putin's invasion of Ukraine. Why is that Phil?
                                Trump praised Vlad technique in gaining the upper hand. He also noted Vlad had used the same tactic before.
                                Trump did however condemn the actions in whole.
                                That last part is what the MSM always leaves out as do you.

                                Sent from my SM-G960U using Tapatalk

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