FT News Briefing War in Ukraine shocks markets
Feb 25, 2022
The podcast dives into the chaos following Russia's invasion of Ukraine. It highlights the swift international sanctions imposed by Western nations, particularly the UK’s push to exclude Russia from the SWIFT payment system. Listeners learn about the immediate market reactions, with soaring gas prices and oil surpassing $105. The discussion also touches on the complex economic ramifications of the conflict and the challenges faced by central banks amid rising inflation and geopolitical tensions.
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UK's Proposal on SWIFT
- UK Prime Minister Boris Johnson proposes removing Russia from the SWIFT international payment system.
- SWIFT facilitates trillions of dollars in transactions daily, and Russia accounts for 1.5% of its activity.
SWIFT Ban Debate
- Removing Russia from SWIFT would significantly impact its economy and the global financial system.
- There's debate among Western nations due to concerns about potential reciprocal damage.
Market Impact of War
- The war in Ukraine significantly impacted commodity prices, like oil and gas.
- European and Russian equities suffered, while U.S. stocks saw gains.