Page 4 - Self Sanctioning News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Fascinating, the suggestion that sanctioning oil and gas is a measure that could be on the table. just a couple of weeks ago, speaking to experts, that was unthinkable given the west's reliance on energy. as you can see from oil prices and where they're trading now, there is extreme volatility there. yesterday record highs. brent was up to 113. wow, $119 today. wti 115. we're seeing new multiday records right here, right now. this is absolutely extraordinary. what is so interesting is actually russia is already struggling to sell its oil despite lack of sanctions on that sector. so actually, r...

Are too high to ensure some of those ships. what you have is self sanctioning within the industry, even without those sectors, that sector, being directly targeted. >> so what kind of everything could a crumbled russian economy have on the lives of every day americans? >> well, when you have sanctioning of individuals who are not going to want to go pick up or sell or trade russian oil and gas, this is the world's second biggest exporter. it is a massive player. so when i woke up this morning, bloomberg terminal was just blowing up. commodities at the highest price in 50 years. you have brent ...

850 restaurants in russia. starbucks suspended business in russia and coca-cola is following mcdonald's. three huge american brands that will no longer be seen in russia. what is the impact of that on the russian psyche? >> we can add pepsico to the mix. i think it kind of encapsulates what we've been seeing. as one company's done this, other companies in the sector have followed suit. going back to the beginning, it started with a lot of people in this world who deal with sanctions that it was the energy companies that come first. bp decided to unwind its stake in the russian oil giant and yo...

Of this regime. he had tried to build this fortress balance sheet, 600 some billion dollars in foreign currency reserves and the west has cut him off from being able to use that. he is very isolated here. so are the russian people. he has pined for a pre-'91 russia. >> this is self-sanctioning. these companies are doing it on their own because of the social and moral pressure here. they're doing it. mcdonald's, they sell a lot of big macs in russia. they will notice it. it's not like the people in kharkiv or kyiv. >> isolation is pretty much across the board at this point. and i think that the...

This weekend the card operators visa and mastercard have stopped their operations, today we've learned that american express have followed suit. joining me now is dr rebecca harding, independent trade economist and ceo of coriolis technologies. welcome to the programme, it is good to have you with us. we have seen many businesses saying we are just not going to operate in russia given what we are seeing in ukraine. that list is growing but notably there are still some international businesses operating their and it feels like it mayjust be a matter of time until they too need to pull out. t ti...