Putin Won't Show It Obviously But..

[sandra4444]

deep down do you think he is shook to the core with the amount of sanctions imposed, and more than shocked with the number of major companies pulling out of Russia almost on a daily basis.

[youngmafbog]

Hopefully Danny. But megalomaniacs dont think like we do.

[Gromit]

Switzerland has frozen Russian assets, but lots of the stolen money has been used to buy assets, that are sellable if money gets tight. Properties in London and other places keep Putin extremely wealthy.

https://www.theguardian.com/news/2021/oct/03/pandora-papers-reveal-hidden-wealth-vladimir-putin-inner-circle

[sandra4444]

Yes there have been sanctions in the past towards Russia, but I don't think on this scale.
Plus I don't ever remember major companies closing down creating massive unemployment.

[youngmafbog]

With a price on his head he would need enormous wealth and if his Generals decide they want a pop at the top job that is what will happen.

But either way I still think its his pride being hit that will be the most effective for him personally.

[dannyk13]

Gromit// keep Putin extremely wealthy//
Putin's personal wealth will count for nothing with the people who are really feeling the effects of sanctions.

[Gromit]

// I don't ever remember major companies closing down creating massive unemployment. //

That is not happening now. The sanctions have only been in place for a week, so the Russian populous are not starving yet. Perhaps in the future that may be the result, but at the moment not.

[youngmafbog]

Not starving but they cant get any cheap tat furniture!

[Gromit]

IKEA, Apple, Samsung are closing their Russian stores not out of any moral stance. The falling Rouble means they cannot make any profit there any longer.

[youngmafbog]

Glad to see we have someone on AB who sits on the board of all these companies to tell us the real reason.

And there was me thinking it was them protecting their, much greater, revenues in the West.

[sandra4444]

I believe Ikea have closed 800 stores. I know Ikea could be seen to be very small in such a large country, but that's a lot of jobs.
I also understand that ford have stopped production, along with many more.

[archibaldy]

My opinion is he may be surprised but not particularly bothered at this point. What will really start to bite is if it affects Russia's relationships with China (either directly intended by China or not) and also if the world manages to put in place measures do without Russian oil.

[Gromit]

Most of the western companies say the closures are ‘temporary’. Citing difficult trading conditions. And include Ukrainian stores and factories.

https://www.theguardian.com/business/2022/mar/03/ikea-closes-all-stores-and-factories-in-russia-amid-exodus-of-western-firms

[Gromit]

Ick,
IKEA have 17 stores, not 800.

// Ikea has temporarily closed all stores and factories across Russia in a move affecting 15,000 workers, becoming the latest in a swathe of western firms to halt operations in the country since it invaded Ukraine.
The Swedish flatpack furniture company has mothballed its 17 outlets across Russia. Brand owner Inter Ikea and store owner Ingka Group said they had “secured employment and income stability” for the workers directly impacted by the decisions, including its 416 co-workers in Ukraine, where its one store and online operations have been suspended since the start of the invasion on 24 February. //

[Peter Pedant]

// That is not happening now.// ( mass unemployment)

no the chief execs pull out and leave the companies as a going concern but without London input and finance

so if the co is making lu-lu and the Russian govt needs lu-lu and lots of it! then the co is OK - paid in rubles which are worf diddly squat....

[Gromit]

PP,
The companies are hoping the closures are temporary and factories and stores are mothballed. For a limited time, the employees will continued to be paid by Apple Ikea etc.

[EdmundD]

Now Unilever have suspended trading with Russia.

[jno]

I doubt it. They've been planning this for years (as their record in the Crimea shows). They'll have worked out how dependent on the West they are, and I should be surprised if they've been wildly wrong. Whether the West has worked out how dependent it is on Russia, I don't know, but they're probably doing their sums now.

[ToraToraTora]

As Kasparov said, when push comes to shove the freezer is more important than the TV.

[EdmundD]

Shell have announced they will stop buying Russian oil.

[ToraToraTora]

good to see our resident 5Cers, gromit and jno, backing the enemy, TBH I'd be shocked if they weren't!