Chronicle of self-destruction of the Russian economy. Day eight 

The situation on March 3, 2022

– The American home appliance brand Whirlpool, which has two plants in Russia for the production of refrigerators and washing machines, is stopping these productions.  

– The American ticket booking network Saber has terminated its contract with Aeroflot.

– Russian airline S7 Airlines has canceled all international flights, including to CIS countries, after its VP-BSL plane was arrested in Yerevan. 

“The European Union is considering abolishing Russia’s WTO most-favored-nation treatment,” Bloomberg quoted European Commission spokesman Miriam Garcia Ferrer as saying. Russia’s exports to the EU amounted to about 95 billion euros. If Russia is deprived of its favorable status, additional duties will apply. 

– Canada will abolish the most-favored-nation treatment in trade with Russia and Belarus, set a 35% tariff on imports from these countries, said Canadian Deputy Prime Minister Christia Freeland.

– The US government is preparing new sanctions against Russian businessmen and their families, according to Bloomberg.

– In France, four cargo ships and one yacht were detained due to European sanctions against Russia

– The Verkhovna Rada passed a law on the forcible seizure of property of the Russian Federation and its residents in Ukraine. 

– The board of directors of Russia’s largest oil company Lukoil has called for an “end to the military conflict” in Ukraine. 

– Mango retailer has stopped working in Russia.

– The EU is discussing the possibility of imposing restrictions on Russian cryptocurrencies, with which the country can try to circumvent sanctions. Cryptocurrencies Binance and Coinbase have previously refused to block the accounts of all Russians, limiting themselves to those accounts that may be associated with people and organizations that have been subject to Western sanctions, writes Russian Forbes.

– The Russian Association of Cinema Owners (uniting more than 700 cinemas with more than 2.6 thousand screens) warns of the risk of “liquidation of the industry” and asks the Russian government for direct subsidies. The largest foreign major studios have canceled movie rentals in Russia. Russian cinemas will lose up to 80% of revenue, – said the association.

– Russians are ravaging IKEA stores, which announced the closure of business in Russia on March 4. 

“Shares of 22 European companies related to the Russian market have fallen by more than $ 100 billion since Russia’s war in Ukraine,” Bloomberg reports. This amount decreased the total capitalization of 22 companies in the Stoxx Europe 600 index, to which business in Russia brought more than 5% of income.

– The Central Bank of the Russian Federation is in favor of banning the circulation and mining of cryptocurrencies, said the head of the expert group of the Department of Financial Technologies of the Central Bank of the Russian Federation Maria Telegina.

– Škoda ceases operations in Russia.

– Russian companies are urgently opening accounts in Chinese banks. Against the background of sanctions, up to 300 Russian companies have already opened accounts in a few days, Reuters reports. 

– Most members of the Russian elite are currently evacuating their relatives and friends from Moscow to Georgia, Israel and the UAE, according to Ukrainian intelligence . Russia’s top political leadership continues to panic and increase its distrust of Putin. 

– IKEA closes stores in Russia and Belarus. The company’s stores will be closed until May 31. Employees will continue to work in warehouses and receive salaries.

– Suzuki stops deliveries of cars and motorcycles to Russia.

– Russian Forbes: The Nord Stream-2 gas pipeline is practically buried after US sanctions were imposed on its operator. The operation of the gas pipeline is unlikely to be resumed. Nord Stream 2 is under the most severe of possible sanctions, and it will not be possible to use it until they are lifted. SP-2 “is physically built and legally deleted from the European energy balance. Sanctions are easy to impose and very difficult to lift.

– Roscosmos will stop the supply of rocket engines to the United States. Russia planned to export an additional 12 engines in 2022-2024. Ilona Maska’s company SpaceX tried to achieve a ban on Russian engines in the United States in 2016.

– World leader in alcohol production Diageo, which has a portfolio of well-known brands Johnnie Walker, Crown Royal, J&B, White Horse, Bells, VAT 69, Black & White, Bulleit, Smirnoff, Cîroc, etc., stops deliveries to Russia.  

– “Formula 1” has terminated the contract for the Russian Grand Prix, – reports Reuters.

– Cryptocurrency exchange Binance will restrict access to the platform to Russian companies and individuals on the sanctions list. Users of the cryptocurrency exchange will not be able to use the cards of sanctioned banks on the platform.

– The London Stock Exchange has suspended trading in receipts of Russian companies “in order to maintain order in the markets.” Some of them have depreciated almost 100% in recent days. 

– Volkswagen Group has decided to stop the production of cars in Russia “until further notice.”

– The yacht Amore Vero was arrested in France . It is believed to belong to Rosneft chairman Igor Sechin. The arrest was announced by French Minister of Economy and Finance Bruno Le Mer.

– The London Stock Exchange has suspended ADR trading of Russian companies, including depository receipts from Gazprom and Lukoil, writes Gas United. “In addition to the recent sanctions related to the events in Ukraine, the London Stock Exchange has suspended admission to trading of Russian issuers to maintain order in the market,” the exchange said.

– OneWeb’s board of directors suspends all launches from Baikonur. OneWeb is a satellite for broadband Internet with mobile satellite technology.

– Danish furniture retailer JYSK closes all 13 stores in Russia.

– Reuters: The world’s largest alcohol producer Diageo has suspended supplies of its products to Russia.

– The German IT company SAP, one of the largest players in the enterprise software market, has called Russia’s war in Ukraine an “attack on democracy and humanity” and is halting business in Russia. Gazprom used the company’s services in particular

– The Danish toy manufacturer Lego has stopped supplying products to Russia, where it previously had a retail network of 81 stores.

– Sanctions can lead to a shortage of drugs and medical devices on the Russian market. Although economic sanctions do not apply directly to medicines, their delivery will be hampered by banking and shipping restrictions, experts say. The share of imported drugs, excluding generics with imported components, is over 50% in Russia.

– Member of the British Government Michael Gove is preparing a proposal to confiscate in this country the property of Russian oligarchs from the entourage of the President of the Russian Federation. Putin without paying them compensation, writes the Financial Times.

– The Central Bank of the Russian Federation obliged brokers to charge a commission of 30% from individuals for the purchase of currency.

– The International Olympic Committee will not allow Russian and Belarusian athletes to enter the Games. The International Paralympic Committee has already suspended athletes from Russia and Belarus from participating in the 2022 Paralympics.

– The dollar exchange rate in Russia during the auction at the Moscow Exchange updated the historical maximum – rose above 110 rubles. The euro exchange rate during the auction also updated the historical maximum – more than 124 rubles.

– The United States will impose blocking sanctions on 22 Russian companies related to the defense industry, including companies that build military aircraft, infantry vehicles, electronic weapons systems, missiles and drones for the Russian military. 

– The international bank JPMorgan predicts that Russia is likely to default on its dollar and other government bonds. Russia is due to pay more than $ 700 million this month. The next coupon payment date is March 16, the bank estimated.

– Brazilian aircraft manufacturer Embraer will stop supplying Russia with spare parts for its aircraft, as well as servicing the fleet of Russian companies.

– Japan will freeze the assets of 4 Russian banks, including VTB.

– As of today, the Central Bank of the Russian Federation has introduced a 30% commission for the purchase by individuals on the stock exchange of US dollars, euros and pounds.

– Reuters: The World Bank has stopped all its programs in Russia and Belarus.

– International rating agency Fitch has downgraded Russia’s long-term rating from WWII to W.

– Mercedes-Benz stops production in Russia and exports to the dark market of cars and vans.

– German authorities have confiscated the 156-meter yacht of Russian billionaire Alisher Usmanov, who came under sanctions. The cost of the yacht is about $ 600 million. 



  1. If NATO and the US get pulled into this, then Russia can be brought down very quickly.

    Were I in command I would do the following:
    1. Sink the entire Black Sea fleet and destroy the Naval bases at Sevastopol and Novorossiysk. Bases go first
    2. I would send a wing into Russia and Belarus and destroy the Belarusian government building and the utterly flatten the kremlin
    3. Send the bomb the Russian/Belarusian columns and turn the roads into highways of death.
    4. Go after any troops Russia has in place to enter Ukraine. Same for Belarus.
    5. If Putin tries to launch a nuke at anyone, then we do have missiles in place that could take them out. If Putin is stupid enough to launch one.
    6. Eject Russian forces completely from Ukraine, including the Donbas and Crimea, and hunt down the traitors from the Donbas and Crimea and try them for treason, and if convicted, hang them forthwith.

    Notify Putin that he can save his life if surrenders to us, and if refuses, to set up a hunt for him and involves Russian forces in doing so. Then, we can start on the senior officers and arrest them for war crimes as well. Both Putin and Shoigu need to be decorating lamp posts.

    This may or may not feasible quickly, but in the end, that is what will have to be done in the end. The Fascist nature of the Russian regime must be brought to a sudden screeching stop.

  2. I do feel sorry for especially the young of Russia but sanctions have to be done. If it shortens the war and thus the sufferings of the Ukrainian people by even one day it will have been worth it.

  3. Now the U.S. needs to stop most favored nation status for Russia and also stop buying oil from Russia. Unfortunately, President Biden isn’t there yet but hopefully will be soon. Oil cannot be more important than people’s lives.

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