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25 Mar 2013
Forex Flash: Russia unlikely to be happy - BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts believe that following the Cypriot developments, Russia is unlikely to be pleased.
They write, “If we understand what Russian officials have been intimating, the problem is not about defending the Russian oligarchs' financial interest. After all, the capital flight from Cyprus since the start of the year has been substantial and reports suggest there have been other ways to transfer wealth out of the country, such as equity transfers. Rather the problem is that Russia was not consulted and included in the process. We suspect that the same regime that locks up a punk rock band for criticizing it, will find a way to express its dissatisfaction with the EU and Germany.”
They write, “If we understand what Russian officials have been intimating, the problem is not about defending the Russian oligarchs' financial interest. After all, the capital flight from Cyprus since the start of the year has been substantial and reports suggest there have been other ways to transfer wealth out of the country, such as equity transfers. Rather the problem is that Russia was not consulted and included in the process. We suspect that the same regime that locks up a punk rock band for criticizing it, will find a way to express its dissatisfaction with the EU and Germany.”