In its report, Bloomberg referred to an estimate presented in an internal Russian Finance Ministry document.
The estimate – which notes there have been significant hits to the stock market, bank capital as well as $300 billion in foreign-exchange reserves being frozen by the restrictions – was included in a presentation for a top-level meeting of Russian officials on responding to sanctions held last month.
Read also: Russian gas blackmail testifies to effectiveness of sanctions, says Austrian FM
People familiar with the event confirmed the contents, speaking on condition of anonymity to discuss matters that aren’t public.
The report didn’t put a total value on the hit from sanctions, which focuses on the financial system and doesn’t address the impact on the broader economy.
It said instruments including derivatives, hedging, Eurobonds and initial public offerings had “practically disappeared.”
Read also: Sanction Chase. How to Stop a Business That Continues Cooperate with Russia — Olexandr Dubilet
At the same time, the presentation doesn’t address the broader economic impact of the restrictions, which have pushed Russia into a recession that’s likely to extend into next year.
Read the original article on The New Voice of Ukraine
