Verbatim - The Economic Consequences of Russia’s War on Ukraine - By Dan Ciuriak

Trusted Policy Intelligence Page 2 Verbatim The extent to which long-held judgements have On the latter point, Vladimir Putin has articulated been shell-shocked by this event is attested to by the his view concerning the unity of Slavic peoples and slew of commentaries following the invasion on the Kyiv as the “mother of all Russian cities” (Putin, them. [...] Stocks on the Moscow Exchange is guesswork for the moment; if it is even 1% lower, (MOEX) sank by 33% the day after the invasion, that represents a write-down in the value of European an indication of market views of the economic corporate assets of US$150 billion. [...] displacement from homes and work, the trauma This could be dwarfed by the write-down of of war, and the emotional stress for hundreds of the value of European corporate assets as a whole. [...] For example, a list of US economy; Trusted Policy Intelligence Page 9 Verbatim • a range of financial sanctions, including the freeze 5 Consequences of the War: on some US$400 billion of the US$630 billion Longer-Term Implications in foreign assets of the Central Bank of Russia – an unprecedented move – exclusion of several The short-term costs of the war are to be measured in major state-owned Ru. [...] Russia 4.4 The Cumulative Effect is at economic war with the West and that war will continue regardless of the outcome of Russia’s kinetic The cumulative effect of the various measures is war with Ukraine.