In an interview with CNN Rádio, economist and professor of International Relations at IBMEC and Director of the SNA Sociedade Nacional de Agricultura, Marcio Sette Fortes, assessed that Russia is trying to “survive financially in the face of the suffocation imposed by sanctions” by the international community.
However, he believes that the Russian measures “only try to alleviate” the situation. Russia’s exclusion from the Swift international payments system, for example, bars the country from making transactions and payments to Western banks.
“Today Russia is placed in the position of a financial pariah,” he said.
The economic reprisal for the Russian invasion of Ukrainian territory caused the country’s rating to be downgraded and raised doubts about its ability to pay its debt.
“With each passing day, it is an additional cost, not only of war, with the displacement of troops, but also of internal costs associated with the drastic rise in interest rates and higher credit.”
For the professor, “Russia is heading towards stagflation, and suffocation has blunt effects.”
The reflection of this, according to Fortes, will come with higher prices for Brazil. He cites the example of fertilizers: “We bought a record already in January, due to the needs of agribusiness, it will have a reflex effect on the chain, making products that will reach our table more expensive.”
“Brazil is one of the few countries in the world where there is an agricultural vocation and huge dependence on imported inputs that will be needed as the war escalates.”
Source: CNN Brasil
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