RISKS OF PAYMENT SYSTEMS IN THE CONTEXT OF RUSSIA'S MILITARY AGGRESSION AGAINST UKRAINE AND INTERNATIONAL SANCTIONS AGAINST RUSSIA
Russia wants to include Ukraine in its territory for several reasons: they share a common history and culture, the multiple natural resources that Ukraine possesses (including oil and gas), the large population of this country and its vast territory. Ukraine has long been considered an independent c...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Nicolae Titulescu University Publishing House
2023-06-01
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| Series: | Challenges of the Knowledge Society |
| Subjects: | |
| Online Access: | http://cks.univnt.ro/download/cks_2023_articles%252F5_CKS_2023_ECONOMIC_SCIENCES%252FCKS_2023_ECONOMIC_SCIENCES_009.pdf |
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| Summary: | Russia wants to include Ukraine in its territory for several reasons: they share a common history and culture, the multiple natural resources that Ukraine possesses (including oil and gas), the large population of this country and its vast territory. Ukraine has long been considered an independent country since the fall of the Union of Soviet Socialist Republics in 1991. Tensions began to emerge in 2014, when Russia invaded and annexed Ukraine's Crimean Peninsula (mainly for the natural resources available in the area, but also in response to the pro-European Euro Maidan protests that led to the change of government that year). Later, in 2022, the Russian Federation deployed large-scale military forces on the territory of Ukraine. With this action, Russia began an invasion of the entire country of Ukraine. These acts generated disapproving responses from the entire global community due to their violent nature, and due to the impact they generated in the West. A lot of Ukrainians took refuge in neighbouring countries, generating a humanitarian and political crisis. The response of the European Union, the United States of America and Great Britain came very quickly to the aggressions generated by Russia; thus, a package of sanctions was implemented targeting: Russian oligarchs, annexed regions, certain banks, entities, individuals, but also certain goods or services provided by/for natural or legal persons from Russia, thereby wanting to decrease the power economic of Russia. In this article, we will analyse the effects of these sanctions and the risks generated by their implementation in international payment transfer operations.
The purpose of this research is to analyse the impact of risks on payment systems in the context of the international sanctions imposed on Russia as a result of the war against Ukraine. |
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| ISSN: | 2068-7796 |