Corporate and financial pressure on Russia, as of 23 March 2022
A look back at the economic measures reported on 23 March 2022 and in the days before, from Nestlé's suspension of sales to frozen central bank assets.
What did the economic squeeze on Russia look like on 23 March 2022? Reports from that day and the preceding week point to pressure from both companies and governments.
On 23 March 2022, Nestlé announced that it would suspend sales of non-essential items in Russia. The move followed similar company boycotts of Russia and was listed among the measures against Russia and Belarus after the invasion.
Governments tighten sanctions
State action had already moved ahead. On 18 March 2022, Australia announced new sanctions against 11 Russian banks and government institutions, as foreign minister Marise Payne reported.
Two days later, on 20 March 2022, France was reported to have ended all attempts to negotiate with Russia. It froze assets of the Central Bank of the Russian Federation worth €22 billion, along with properties owned by Russian oligarchs worth €150 million.
Moscow considers market changes
Also on 18 March 2022, it was reported that the Russian Central Bank was considering splitting its stock exchange into two separate exchanges, one for Russian residents and the other for foreigners.
Taken together, the reports show corporate withdrawals, asset freezes and new sanctions advancing alongside discussion in Russia of restructuring its financial markets.
