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G20 WARNS RUSSIA: RUBLE CRASHES

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G20 WARNS RUSSIA: RUBLE CRASHES

Nov 17 2014, 1.55pm GMT

STOCK.com

RUB crashed to 47.4868 against the USD following reports of new sanctions against Russia. Several EU nations said they are ready to introduce further sanctions to Russia if the conflict with Ukraine continues. 

Image Source:  Copyright © G20 Australia

The G20 summit held on 15 and 16 November in Brisbane, Australia, concluded with plans to boost global GDP, fight climate change and Ebola, and introduce more sanctions against Russia if needed. 

RUSSIA

"I think President Putin can see he is at a crossroads," said British Prime Minister David Cameron in regards to the Ukrainian conflict. "If he continues to destabilise Ukraine there will be further sanctions. There is a cost to sanctions, but there would be a far greater cost in allowing a frozen conflict on the continent of Europe to be created and maintained."

Sanctions against Russia mainly target sectors like oil and banking and are damaging the economy with falling oil prices straining Russia’s budget and making the ruble plunge on financial markets.

RUB continues its fall against the dollar. Oil prices fell as well, trading at $74.72 this morning.

President of the United States, Barak Obama said Russia's isolation was unavoidable and stated “We would prefer a Russia that is fully integrated with the global economy … But we are also very firm on the need to uphold core international principles.”

"We retain the capability, and we have our teams constantly looking at mechanisms in which to turn up additional pressure as necessary" warned Obama.

Putin’s statement was that a solution to the crisis was possible, "Today the situation (in Ukraine) in my view has good chances for resolution, no matter how strange it may sound," but the Russian President did not go into any further detail.

Putin left the G20 Summit early, skipping working lunch and excusing himself with long flight home and the need for sleep.

Identifying Russia as the biggest risk to EU markets currently, EU foreign ministers are meeting today to consider further steps, including possible new sanctions on Russia.

 

GLOBAL GROWTH

During the two day G20 meeting in Australia, world leaders have agreed to add 2.1% to global growth over five years which should create millions of jobs and add more than $2 trillion to the global economy. G20 2014 also discussed and committed to tackling global tax avoidance which aims to boost the governments’ budgets.

 

CLIMATE CHANGE AND EBOLA

Obama committed $3 billion to the Green Climate Fund while Japan guaranteed $1.5 billion to the fund on Sunday. US President called on all nations to act, despite Australia’s attempts to keep climate change off the formal agenda. Australia is one of the world’s biggest carbon emitters per capita, as Reuters reports.

Ebola was also a large part of G20 discussions. Britain’s Prime Minister identified the virus as not only a humanitarian crisis but also a security threat. "The best way we can keep our people safe from Ebola is by tackling it at source," he said.

 

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