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Coping with Technology Sanctions in the Russian Financial Sector
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Corporate Editor
Forschungsinstitut der Deutschen Gesellschaft für Auswärtige Politik e.V.
Abstract The Russian financial sector has taken a double hit from sanctions - both in infrastructure (affecting financial transactions) and in technology (affecting the hardware and software). Infrastructural sanctions imposed by Western countries in reponse to the war on Ukraine (de-SWIFTing, overcompliance... view more
The Russian financial sector has taken a double hit from sanctions - both in infrastructure (affecting financial transactions) and in technology (affecting the hardware and software). Infrastructural sanctions imposed by Western countries in reponse to the war on Ukraine (de-SWIFTing, overcompliance, and breaking of correspondent relationships) affected their operational activity. Moreover, the Russian government banned the use of foreign software and equipment imports, which has been a drag on business development. The financial sector was able to withstand the first shock. However, the most recent restrictions on access to advanced technologies, especially from the US and the EU, will lead to import substitution based on technologies of yesterday.... view less
Keywords
Russia; sanction; economic sanction; technology; financial market; international trade policy
Classification
Peace and Conflict Research, International Conflicts, Security Policy
International Relations, International Politics, Foreign Affairs, Development Policy
Document language
English
Publication Year
2023
City
Berlin
Page/Pages
6 p.
Series
DGAP Policy Brief, 12
ISSN
2198-5936
Status
Published Version; reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0