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Implications for Finance of the Recent Developments in Ukraine
As the topic is still a moving target, these comments can only be a snapshot, miles away from a final resumé, let alone any thorough economic or legal analysis. Further, this report shall be restricted to the financial area, whereas aspects regarding the law of nations, human rights and in particular political judgements have to be set aside. Regarding the implications for finance of the Ukrainian case, three separate complexes have to be distinguished:
the indebtedness of Ukraine and possible solutions;
sanctions affecting the financial area, in particular against the Russian Federation;
second-round effects, depending in particular on the degree of interconnectedness of global finance with Ukraine and Russia.
Stichwörter: EBRD facilities, EIB facilities, EU association agreements, EU common and security policy, EU development assistance, EU joint actions, EU macro financial assistance, EU financial sanctions, global financial stability, IMF Articles of Agreement, IMF facilities, IMF stand-by agreement, second-round effects, Ukrainian indebtedness, US loan guarantees, US sanctions.
JEL-Classification: E 66, F 34, F 51, H 12.
1. Ukraine’s indebtedness and possible solutions
Like most coun...