December 7, 2022

The Catholic Transcript

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Hyundai stops production at the St Petersburg plant

Hyundai stops production at the St Petersburg plant

The Hyundai plant in Saint Petersburg, Russia, the second largest after Moscow, has stopped production of cars as of today due to the lack of supplies of materials for car assembly. According to Russia’s state agency RIA Novosti, the company plans to resume production at the unit on March 9.

Comment will be announced the next day Dozens of countries announce economic sanctions against Russia and the The country’s currencies recorded a record decline of 30% yesterday.

The impact of sanctions has also led to The Central Bank of Russia doubles the base rate: from 9.5% to 20%. According to a statement issued by the central bank, the increase in interest rates will ensure that interest rates on deposits will rise “to the levels necessary to offset further depreciation of the ruble and inflation risks.” The decline in the Russian currency also led to BC Suspension of operations on the Moscow Stock Exchange This Monday (28).

Economic sanctions

On Sunday (27), the head of European diplomacy, Josep Borrell, announced that several EU countries had reached a political agreement on Prohibition of financial transactions with the Central Bank of Russiawhich means withholding “more than half of the reserves” of the Russian financial institution, “because they are in the G7 countries.”

The decision was also revealed in a letter from the President of the European Commission, Ursula von der Leyen, who indicated that the measure was a punishment in addition to what was previously announced.

It also reinforced the complicity of European countries with the United States. To remove Russia from Swift (World Interbank Financial Telecommunication Society), a cooperative set up by countries to allow standardization of financial information and money transfers between banks around the world.

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In an attempt to overcome the situation, some banks in the country, such as Sberbank and VTB, assured their customers that they could convert local currencies into foreign currencies, such as euros and dollars, in order to avoid further losses.