The Kremlin is confident that the United States is turning Russian businessmen against Putin

Photo by: kremlin.ru

Sanctions by the United States are an attempt to set up a loyal Russian government business elite against President Vladimir Putin, Putin’s spokesman Dmitry Peskov said. Air force understands whether businessmen have reasons for dissatisfaction with the Kremlin.

A statement that the United States is trying to set up the Russian elite against the head of state, Peskov spoke out, commenting on a request received from a foreign news agency. He did not give the name of the agency.

“Do you know about representatives of the Russian business elite who directed their anger for expanding sanctions on the Kremlin and blamed President Putin and his entourage for the current situation?” Peskov read out the first question and answered it: “No, not known” ( Quote from the Interfax agency).

The last question that Peskov read was: “Do you think that these US efforts are timed to coincide with the presidential elections in Russia?” He answered it like this: “We answer: we are convinced of this.”

Reuters later published a story under the headline “The threat of new sanctions has made acquaintance with Putin a toxic asset for some businessmen.” It quoted a senior source at a large Russian company: “People are on edge. The situation is uncertain. If they recognize you as close to Putin, go and prove that it’s not so. It is difficult to sue the United States for your assets.”

According to the magazine, another source surrounded by some big businessman entering the top 100 of the list of the richest Russians. Forbes, told the agency that his manager decided to limit his presence at public events in which the Russian president participates.

“He [the businessman] is just trying to appear less around Putin lately - meetings, meetings, conferences,” Reuters quotes his interlocutor as saying.

This is a law that US President Donald Trump signed on August 2. In particular, it implies a serious tightening of the existing sanctions and threatens with the introduction of new ones.

The first anti-Russian sanctions were introduced in 2014, shortly after the annexation of the Crimea and the beginning of the conflict in eastern Ukraine. Since then, the US sanctions lists have been repeatedly expanded and supplemented with new names and companies. And they caused problems for Russian companies and businessmen.

What new problems have stood in the way of entrepreneurs, and what fears do businessmen feel?

Dangerous proximity to power

Some representatives of the business elite are afraid of being noticed in the “inner circle” of President Vladimir Putin, since in this case they could be hit by new US sanctions.

In February, the American authorities should prepare a detailed report on Russian politicians and oligarchs who are close to the Russian regime and President Putin. Hitting this list may threaten with new personal sanctions. Their assets in the United States may be frozen, they will be banned from entering the country.

In the sanction lists already are located Russian entrepreneurs, who are ranked among the closest circles of the Russian president. Among them are Yuri Kovalchuk, Arkady and Boris Rotenberg, Gennady Timchenko.

This week columnist Guardian Nathalie Nougered wrote that Russian entrepreneurs “are landing in droves in Washington with lobbyists and lawyers to understand what to expect.”

Loud revelations

The imposition of sanctions against Russian businessmen attracted close attention of foreign media and various anti-corruption centers. The focus was also on those who had previously tried to keep a low profile and not show the size of their income.

At the end of October, the Center for the Study of Corruption and Organized Crime (OCCRP) published an investigation into the sources of wealth for people that the organization considers close to the Russian president.

In total, the 21 man is mentioned in the investigation. Among them are both public figures and people not known to the general public. For example, the list mentions the honorary consul of the Seychelles in St. Petersburg, Viktor Khmarin, about which Forbes in 2013 he published a material entitled “Poor relative: why Putin’s friend Viktor Khmarin did not become a billionaire.”

Problems with access to foreign financing

The US and EU sanctions have led to the fact that Russian banks and companies have significantly limited access to Western financing.

Now, American companies and individuals will be able to lend to Russian sub-authorized banks, but only for 14 days (in the previous version of the sanctions, it was possible to provide them with financing for 30 days). Companies from the energy sector that are on the sanctions list will be able to receive funding only for up to 60 days (this is currently a 3 month).

Sectoral sanctions imply a ban on the transfer of technology and equipment. In addition, the law, signed by Trump in August of this year, suggests that the president will be able to impose sanctions on those who invest more than 5 million dollars per year in the construction of Russian export pipelines or immediately invest 1 million dollars.

By February next year, the US Treasury should work out the possibility of imposing a ban on Americans' investments in Russian federal loan bonds.

Pressure on the ruble exchange rate

A possible ban on investments in Russian government securities can be a serious factor affecting the rate of the Russian currency.

BCS chief economist Vladimir Tikhomirov said that these restrictions could lead to an outflow of foreign funds from the Russian ruble bond market. And these expectations put pressure on the ruble.

When foreigners sell OFZs, there is a threat of devaluation of the ruble by at least 10%, the Russian quoted Forbes Chief economist of Alfa Bank Natalia Orlova. But, she added, “if the Central Bank buys securities for this reason, then we must understand that in this way it will support foreigners by providing a greater capital outflow.”

The Russian service of the BBC Orlova said that the fall of the ruble in early November was due to the fear of the introduction of new sanctions from the United States. Investors felt that, against the backdrop of high oil prices, it was better to lock in profits from investing in Russian assets and sell them, she explained.

Read also on ForumDaily:

Why Russia keeps money in the USA

Why anti-Russian sanctions did not work

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