Daily Memo: Economic Fallout From the Belarus Crisis

The country's currency and banks are feeling the effects of the political crisis.

636
Belarus’ economy takes a hit. The political crisis in Belarus is gradually turning into an economic one. Several banks, including the Belarusian subsidiary of Sberbank, said that they would temporarily stop accepting loan applications from individuals. On Friday, the value of the Belarusian ruble continued to fall, while demand for foreign currency at exchange shops has been on the rise. Anticipating a drop in the currency’s value, Belarusians have begun to purchase expensive goods like cars, as happens in times when a currency is expected to depreciate rapidly. The situation is also apparently having an impact on the country’s allies. Russian President Vladimir Putin’s press secretary said it was unavoidable that there would be consequences for the Russian economy. According to Lukashenko, however, the current government in Minsk has the full support of Moscow and, in the event of external aggression against Belarus, the two countries’ militaries would fight side-by-side. Meanwhile, in Berlin, foreign ministers from the European Union agreed to impose sanctions on individuals responsible for the elections and the crackdown on protests. Though the list of sanctioned individuals will not be finalized for at least another week, it’s expected to include around 20 people. Shinzout. Shinzo Abe, Japan’s […]

Subscribe to Geopolitical Futures today and get:

  • Unbiased analysis of global events
  • Daily geopolitical briefing
  • Annual and long-term forecasts to help you prepare for your future
Subscription Options