Last week was rather depressing for global financial markets. The majority of trading platforms finished the previous week in the red zone.
Investors expected the EU’s decision to institute sanctions against the Russian Federation. The full text of the relevant document was published in 31 July. The European Union, which is Russia’s largest trading partner, restricted Russia’s access to financial markets, put an embargo on weapons, restricted trade in double-purpose goods and transfer of modern technologies for the petroleum industry for the period of one year. In addition, European officials stated that sanctions could be expanded further. The US and other leading countries also made a statement about their intention to extend sanctions in the instance when there is no progress in Russia’s position regarding Ukraine. While Russian officials continue assuring Russian citizens that sanctions will not lead to a significant deterioration of the country’s economy, investors across the world realize that, in the near future, the instituted restrictions will result in redistribution and weakening of global financial flows; this is why, negative moods prevail on markets.
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