“Crime and punishment”: how Russian banks anticipated and dealt with global financial sanctions

0544822 - NHU-C 2022 RIV GB eng E - Elektronický dokument
Mamonov, Mikhail - Pestova, Anna - Ongena, S.
“Crime and punishment”: how Russian banks anticipated and dealt with global financial sanctions.
London: VoxEU.org, CEPR’s policy portal, 2021
Grant CEP: GA MŠMT(CZ) SVV260611
Institucionální podpora: Progres-Q24
Klíčová slova: Russian banks * global financial sanctions
Obor OECD: Applied Economics, Econometrics
https://voxeu.org/article/how-russian-banks-anticipated-and-dealt-global-financial-sanctions

Financial sanctions against Russia’s state-owned and controlled banks were imposed consecutively between 2014 and 2019, allowing banks that would potentially be targeted in the future to adjust their international and domestic exposures. This column explores the informational effects of financial sanctions, showing that compared to similar private banks, ‘not yet sanctioned’ financial institutions immediately reduced their foreign assets while, rather unexpectedly, expanding their foreign liabilities. These informational effects crucially depend on geography, with targeted banks located further from Moscow decreasing their foreign assets by more and raising foreign liabilities by less than those located near the Kremlin.
Trvalý link: http://hdl.handle.net/11104/0321630