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Recent EU sanctions set to hit Russians hard: what will become much more expensive

Russians panic over possible rise in prices for equipment
Russians panic over possible rise in prices for equipment. Source: Unsplash

Due to sanctions imposed by the European Union (EU) against the "Russian SWIFT", prices for appliances and electronics may rise by 15-20% in Russia. The price increase is expected by the end of summer.

This was reported by Russian media. Restrictions on the Financial Messaging System of the Bank of Russia (SPFS) were introduced as part of the 14th package of sanctions.

European companies were banned from connecting to the payment system developed by the aggressor and from conducting transactions with those who make payments through it outside the Russian Federation. In effect, this cut off the offenders from the European financial system.

Experts argue that despite the international community's attempts to disrupt Russia's financial operations, the SPFS has so far operated efficiently and without failures. In particular, subsidiary banks in European countries were used for this purpose.

However, if foreign banks connected to the SPFS start blocking payments from Russia, this could lead to a 25% drop in imports from China and a 10-20% rise in the price of all imported goods, depending on the category. Currently, due to problems with payments, imports from China have already decreased by 11%, and from Turkey - by 33%.

Earlier, it was reported that due to new sanctions, the United States is pushing North America to increase its own uranium production, so Russia may lose a significant portion of its profits from the export of this material. Uranium prices are rising amid the government's drive to meet climate goals through nuclear power.

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