Iraqi News Catch up March 2nd 2022
International Monetary Fund warned Iraq of the "fragility" of its economic recovery
These are the articles I discussed on the My FX Buddies Podcast:
Al-Kazemi's advisor, Mazhar Muhammad Salih: The state's loss will be great by adjusting the exchange rate
Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified two directions for resolving the exchange rate crisis, while explaining the extent to which the currency market was affected by conflicting statements.
Saleh said, "The currency market is inevitably affected by information, and the bond sale market is also affected, which is a free market with duelists and an information market," pointing out that "sometimes there is false information that disturbs the market or may be truthful that leads to the exchange of buying and selling very quickly."
He added, "It is not possible to deviate from the contexts of the Ministry of Finance, but if the exchange rate is modified, it will have a benefit and a loss, and the state's loss will be greater because it has achieved revenues in the form of an inflation tax at a rate of 20%, and if the value of the dinar is raised, the value of the increase will be lost by public finance, especially And it relies on 93% of the value of its revenues that depend on oil, as it is a key player in managing the budget,” stressing that “the government must address the effects of this, especially on the poor.”
He pointed out that "there must be two directions to solve the crisis, the first is to re-evaluate the dinar and raise it alone, and it seems that there is no tendency on the part of the Ministry of Finance, but it must use the compensatory tendency such as taxes and customs fees, expand the base of social assistance and improve the food ration of the poor," pointing to That "the budget compensates the difference between the exchange rate difference by supporting the poor in the budget and expanding the base of support, and this is what the Ministry of Finance tends to do now."
He continued, "Among the solutions is also maintaining the prices of fuel and food and consumer goods in the markets to compensate for the income," stressing that "the market is stable at a low exchange rate and there is a high price difference, but inflation is still within the single decimal place, according to a statement by the Ministry of Planning."
And he warned, that "if inflation exceeds two ranks, it will become a danger," noting that "the biggest solution to treating inflation is interfering with the exchange rate."
How much does Iraq lose by "returning the dollar" to its old price? Economist explains
Today, Sunday, the economic affairs specialist, Nabil Al-Marsoumi, revealed the expected losses for Iraq in the event of a return to the old dollar exchange rate.
The expected net oil revenues in 2022 = 70 billion dollars (after subtracting the costs paid to oil licensing companies and government imports)," Al Marsoumi said in a blog post seen by Alsumaria News.
He added that "oil revenues are denominated in dinars at the current exchange rate = 101.5 trillion dinars."
He continued, "Oil revenues are denominated in dinars at the old exchange rate = 78.260 trillion dinars."
And the specialist in economic affairs indicated that "the difference between the two prices = 101.5 - 78.260 = 23.240 trillion dinars," adding that "the internal debt of Iraq = 68.214 trillion dinars."
Al-Massoumi held thatMinistry of FinanceIt will pay at the current exchange rate 47.044 billion dollars to pay off the value of the internal debt, "noting that"Ministry of FinanceYou will pay at the old exchange rate $61.014 billion to pay off the internal debt."
He explained that "the difference between the two prices = 61.014 - 47.044 = 13.970 billion dollars."
And the economic affairs specialist added, "The total financial losses for Iraq in 2022 due to the return to the old exchange rate (after converting the dinar to dollars) will be about 34.757 billion dollars."
Al-Marsoumi concluded by saying: “This amount is equivalent to seven times the budget.”SyriaAnd more than twice the balanceJordanIn 2022, this amount is sufficient to complete the port of Faw in its three phases and complete most of the necessary infrastructure to connect with the Silk Road, which subsequently leads to an effective contribution to providing job opportunities and confronting and reducing poverty.”
In details.. the results of hosting the Minister of Finance in Parliament: a change in the exchange rate is unlikely.
The Iraqi parliament hosted, on Monday, in its second session of the fifth electoral cycle, Finance Minister Ali Allawi, and discussed the dollar exchange rate and its repercussions on the local market, in the presence of 288 deputies.
The council discussed with Allawi, according to a statement received by Shafak News Agency, the repercussions of the high dollar exchange rate on the market, the damage to the poor segment, and the discussion of public debt and the financial policy of the Ministry of Finance and the proposed treatments.
Allawi reviewed, in a detailed explanation, “the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance,” noting that “the exchange rate change at that time was against the background of the deterioration in global oil prices due to the impact of a pandemic.” Corona and the decline in the volume of Iraqi oil exports, according to the International Monetary Fund, amounted to (4.9%) as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a stifling financial crisis that prevented the payment of salaries of employees and retirees, which prompted the House of Representatives to pass a legal deficit financing amounting to 27 trillion dinars.
The Minister of Finance pointed out that "the 2021 budget, which was developed according to reform plans, contributed to developing solutions, addressing the financial situation, and working to develop the long-term financial strategy by presenting the white paper that restored balance to the Iraqi economy, provided economic stability for people with limited income and corrected local investment."
And he indicated that "the imbalance in the Iraqi economy is due to the negative accumulations and the direct and indirect state control over the economy since the seventies of the last century," noting that "reconsidering the exchange rate of the currency in an unstudied manner leads to financial chaos similar to some countries, so the trend was to set the price of Exchanging the Iraqi dinar comfortably to protect it from any external changes in a proactive and correct step in coordination with the Central Bank and studying it with the Prime Minister, heads of political blocs and other parties, in addition to the support of the International Monetary Fund regarding changing the price at a reasonable rate.
The minister explained, "The draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry's treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card and support projects. In addition to increasing the pensions of retired people and the allocations for martyrs and political prisoners.
Allawi added, "The benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects, allowing the government to respond to the increase in citizens' needs and contributing to strengthening the balance of payments for the country and avoiding risks."
He pointed out that "the rise in prices in the Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices since 2020," explaining that "the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs and oil derivatives. And importing gas that is used to generate electricity by 30%, in addition to reducing the Iraqi external debt by 4 billion dollars in 2021.”
The Minister of Finance spoke of a global imbalance in the economy and a flaw in the commercial, import and institutional situation in Iraq, especially the uncontrolled outlets, as well as the weak absorption of the agricultural, industrial and private sectors of the economic changes taking place in the world, noting that "the rate of payment of farmers' dues amounted to 65 percent with the presence of many accumulations. for 2019 and 2020".
And he indicated that "the financial crisis that occurred in 2021 affected the possibility of implementing some of the items contained in the budget law," stressing that "the completion rate of the white paper, which included 322 axes, reached 61%, especially since" 60% of the border crossings are not controlled. including those located in the Kurdistan Region.
According to the Parliament’s statement, a number of deputies demanded to know the possibility of restoring the dinar exchange rate to its predecessor to reduce price inflation, address currency smuggling outlets and delay payment of farmers’ dues, in addition to the demand for the automation of border crossings and the reservation on the government’s reliance on foreign loan policy and overburdening the country with debts, and setting steps Actual reform without overburdening the citizen, and asking the financial authorities to manufacture small denominations of currency to avoid price hikes due to the lack of middle classes.
The First Deputy Speaker of Parliament, Hakim Al-Zamili, called on the government to "work to impose its control over the financial sectors and to put a basic solution to the commitment of the Ministry of Finance to support the simple classes in society."
In turn, Al-Halbousi indicated that "the background to the exchange rate change was due to the Corona pandemic, the decline in oil prices, the scarcity of Iraqi imports, and what caused a financial crisis, at which time the Iraqi government was unable to pay its obligations towards employees and retirees."
The Speaker of Parliament said, "The proposed solutions were identified by several options, including reducing employees' salaries by 30 percent, demobilizing a number of employees and referring them to compulsory retirement, but the parliament chose to amend the exchange rate, which generated state revenues of 22 trillion dinars and found a solution to the problem."
Al-Halbousi demanded, "finding effective solutions to maximize financial revenues that enable the state to restore the value of the Iraqi dinar," noting that "the largest corruption deals that occurred in Iraq were in 2012 when the dollar exchange rate was changed."
He also called on the Ministry of Finance to "work to present a new vision to address the negative effects that resulted from the exchange rate change, to be presented to the Council within a period of two weeks."
But the Minister of Finance indicated that this matter is not possible at the present time, as changing the exchange rate is difficult now, as it has achieved stability in the Iraqi economy, and its change is linked to the rise in financial abundance that meets ambition.
Member of the Democrat: The Federal Court's decision provided a constitutional solution and did not create a problem
Kurdistan Democratic Party member Abdul Salam Barwari said on Tuesday that the decision of the Federal Supreme Court unconstitutional to open the door for candidacy for the presidency for the second time does not lead to a problem, but rather leads to a constitutional solution, stressing that the candidates of the second list can compete again for the position.
Berwari told Shafaq News Agency, "I think, in my personal opinion, that the Federal Court's decision unconstitutional to open the door for candidacy for the presidency of the republic by the Presidency of the House of Representatives, will not create a problem, but rather find a way to solve it."
He added, "According to this decision, it is possible to reject the list of candidates for the presidency of the second republic, but the House of Representatives can hold a session in the presence of an absolute majority of 165 deputies and put forward a draft resolution to reopen the candidacy door and it can be passed easily. Thus, the candidates whose constitutionality has been challenged the second time can be re-nominated and will not be re-nominated. The result changes."
Berwari continued, "In a more precise sense, the names of the candidates in the second list can be put forward again under a constitutional and legitimate banner, and in the end we will reach the same result, as long as there is the possibility for Parliament to vote to open the nomination door, which means that the same candidates will be presented again, and I think Riber Ahmed will be re-nominated again. ".
Today, Tuesday, the Federal Supreme Court ruled that it is unconstitutional to open the candidacy for the position of President of the Republic for a second time by the House of Representatives.
The court said in the text of its decision, which was reviewed by Shafak News Agency, that "there is no constitutional or legal text that grants the presidency of the House of Representatives the authority to reopen the door for candidacy for the position of President of the Republic."
And it indicated that "it is permissible to reopen the door for nomination again for the position of President of the Republic, but by a decision of the House of Representatives and not from the presidency of the Council."
The Federal Court ruled that it was unconstitutional to reopen the nomination for the Presidency of the Republic Urgent
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The Federal Supreme Court confirmed in its session today that: "There is no constitutional or legal text that grants the presidency of the House of Representatives the power to reopen the door for candidacy for the position of President of the Republic."
And she indicated that "it is permissible to reopen the door for nomination again for the position of President of the Republic, but by a decision of the House of Representatives and not from the presidency of the Council."
The Federal Court holds its special session in the lawsuit filed regarding the constitutionality of reopening the nomination for the post of President of the Republic
Before the session, the court held a closed deliberative meeting in front of the media.
Informed sources suggested that "the court will decide today its decision in the case and decide on the appeal submitted."
Last week, the court had postponed its decision on the claim of reopening the door for candidacy for the post of President of the Republic until today, Tuesday, and the parliament was scheduled to vote on the election of most of the parliamentary blocs on February 7.
The rule of law: a new inquiry to the Federal Court regarding candidacy for the presidency of the Republic
The State of Law coalition confirmed, on Wednesday, that Parliament will open the door for nomination for the position of President of the Republic in the next session, which will be held next week.
The deputy from the coalition, Muhammad Al-Sihoud, told Shafaq News Agency, "The opening of the nomination door will be according to the voting mechanism, either by an absolute majority, or by two-thirds of parliament members, and given that the issue is related to the position of the President of the Republic, there will be an inquiry with the Federal Court about the mechanism for opening the nomination door. for the second time."
Chihod added, "The nature of the inquiry about the mechanism for opening the door for nomination, to know the way through which the door for nomination is opened and voted on, according to the majority or two-thirds of parliament members."
On Tuesday (March 1, 2022), the Federal Supreme Court ruled that it was unconstitutional to open the candidacy for the position of President of the Republic for a second time by the House of Representatives.
International Monetary warns Iraq and announces its position on the dollar exchange rathe International Monetary Fund warned Iraq of the "fragility" of its economic recovery.
The head of the IMF mission in Iraq, Tohir Mizorov, said in a press statement: “Policies aimed at containing inflation and its impact should take into account the fragility of recovery in Iraq and the long-term goals of diversifying the economy and strengthening the private sector. It is to avoid making the problem worse by adopting domestic policies that would increase inflation, for example through expansionary policies.”
He added, "The second priority is to implement policies that are carefully targeted to protect the most vulnerable groups. At the same time, it will be important to avoid any measures that could weaken Iraq's economic capabilities without addressing the problem. For example, measures that undermine the competitiveness of local producers and encourage imports will not contribute to Realizing the benefits of remembering the weak groups, if they exist at all, and this explains the scarcity of countries with a fixed exchange rate to raise the value of their currency in economic history, and for the same reasons, it would not be advisable for Iraq to do so.
Mezroev pointed out that "the rise in prices leads to an erosion of the purchasing power of families' income and savings, and since more than one-fifth of the Iraqi population lives in poverty, protecting vulnerable groups from the effects of inflation is of paramount importance. To achieve this, the 2022 budget should give priority to strengthening cash transfers directed to helping families." the poorest during these difficult times."
"Also, continuing to work on improving the coverage of the social protection network will contribute to ensuring assistance to those who are really in dire need of assistance," he added.
Moreover, linking the increase in pensions, salaries of civil servants and low wages to inflation will contribute to protecting the purchasing power of their incomes and prevent them from falling into poverty. International experience has shown that such measures are the most effective in protecting the livelihoods of vulnerable groups. ".
And the House of Representatives discussed in its session last Monday, in the presence of Finance Minister Ali Allawi
The Council discussed, during its hosting by the Minister of Finance, the rise in the exchange rate of the dollar and its repercussions on the market through the rise in prices and the damage to the poor segment, and the discussion of public debt and the financial policy of the Ministry of Finance and the proposed treatments.
Allawi warned during the session that reconsidering the exchange rate of the currency “in an ill-considered manner would lead to financial chaos similar to some countries, so the trend was to set the exchange rate of the Iraqi dinar comfortably to protect it from any external changes with a proactive and correct step in coordination with the Central Bank and study it with the President The government, heads of political blocs and other parties, in addition to the support of the International Monetary Fund, to change the price at a reasonable rate.
Allawi indicated that the benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, pointing out that "the rise in prices in the Iraqi markets was not due to the decrease in the exchange rate of the dollar only, but rather as a result of the increase in global food prices since 2020."
The Minister of Finance explained that "the rise in global oil prices is beneficial to Iraq and at the same time affects its needs of foodstuffs and oil derivatives, and the import of gas that is used to generate electricity by 30 percent, noting that the Iraqi external debt will be reduced by 4 billion dollars in 2021."
Allawi suggested "supporting vulnerable segments of society by allocating a direct grant to be distributed through the ration card or social welfare and supporting small and medium-sized enterprises, especially in rural areas, as a result of the financial abundance resulting from the increase in oil prices."
The devaluation of the dinar .. did not save the Iraqi industry
The percentages of contribution of the different sectors to the country’s GDP are one of the most prominent testimonies to the extent of success and failure of these sectors. The failure of the industrial sector in Iraq is clearly visible after its stability under 3%, according to figures that can be described as “optimistic” by the Ministry of Planning.
The contribution of the industrial sector to the GDP in 2019 amounted to nearly $3 billion out of a total GDP of $222 billion, which makes the industry’s contribution to the GDP less than 1.5 percent.
By excluding the year 2020, which is a year outside the possibility of comparison due to the closure of Corona, the industry’s contribution to the GDP appears to be 2.8 billion dollars, despite the increase in the price of the dollar and the devaluation of the Iraqi dinar, which the Ministry of Finance at the time justified as a step that will revitalize the local industry and make it more competitive compared to commodities. Imported, but the contribution of the industry has decreased 10%.
The devaluation of the dinar did not save the industry!
Economic researcher Manar Al-Obaidi says in a press clarification, “Although one of the objectives mentioned in changing the exchange rate is to increase the contribution of the industrial sector to the GDP, by comparing the figures achieved in 2021 with previous years, we find that there is no real increase in the domestic product, but rather a decline.” In the value of the industrial sector’s contribution to the GDP, from 2.95 trillion dinars in 2019 at current prices, compared to 2.8 trillion dinars in 2021.”
He added, "This means that no growth has been achieved in this sector despite the change in the exchange rate," noting that "a change in the exchange rate alone cannot increase the contribution of the industrial sector to the domestic product. Rather, it should have been accompanied by a set of reforms, including providing fuel to factories. Facilitating the procedures for registering factories and industrial projects and setting a strategic plan for distributing the geographical area of factories across Iraq.
He explained that "the Ministry of Finance failed in this goal, which it considered one of the most important goals in supporting the industrial sector and the domestic product."
The contribution of the industry has not yet risen
In the latest census of the Iraqi Ministry of Planning, it revealed that the contribution of the industrial sector to the country’s GDP amounted to 3% during the year 2020, which is a low level compared to its contribution before the siege, which amounted to 12%, which means that the contribution of the industrial sector in Iraq has declined 75% since the siege .
And the Central Bureau of Statistics of the Ministry said in a report that “the industry in Iraq has witnessed fluctuation and instability since the beginning of its development in the seventies, between rise and decline to witness progress in the period between 1989 and 1990 to reach 12%.”
He added that "the industry witnessed a significant decline during the years of the economic embargo imposed on Iraq in August 1990 until 2003, as the industry's contribution to local production amounted to less than 2% in 1997."
He pointed out that "the industrial sector has not witnessed a significant development in its contribution to the gross domestic product within the activity of manufacturing industries, since that date due to the almost total dependence on oil production."
As for the period of the Corona pandemic, the report stated, “The percentage of GDP increased by 1% in light of the drop in global oil prices, to reach 3% in 2020.”
While the industry's contribution to the GDP in 2003 reached 2%, it has been at this level for 18 years and has never progressed.
The number of factories affiliated with public sector companies in Iraq is about 227, of which only 140 are operating, according to data from the Ministry of Industry and Minerals, and 87 others are suspended.
As for the number of fully established industrial projects, it amounts to 20,415 projects, and only 2,248 projects are operating, which means that 90% of industrial projects are suspended.
The low contribution of the industry to the GDP explains the reason why oil is the dominant one in the GDP, as it reached during 2020 57 percent, while the activity of wholesale and retail trade and hotels came second in terms of contributing to the GDP by 8.05 percent.
Al-Kazemi assures an Iranian official of the importance of developing bilateral cooperation at various levels
A statement from his office, of which Al-Furat News Agency received a copy, said, "Qazizadeh informed the Prime Minister of the greetings of the President of the Islamic Republic of Iran Ibrahim Raisi and the First Vice President of the Republic, Muhammad Mokhber, and the Iranian government's aspiration to develop bilateral relations between the two countries, and to further joint cooperation in various fields." In a manner that achieves the interests of the two neighboring peoples and their aspirations for prosperity and development.
The Prime Minister welcomed the guest delegation and stressed the importance of developing bilateral cooperation at various levels and briefly briefed on the experience of the Martyrs Foundation in the Islamic Republic of Iran.
Al-Kazemi stressed "the importance of providing the best services to the families of the martyrs, the wounded and the disabled, who gave their most valuable possessions for the sake of the homeland and the security of the citizen."
He praised the joint cooperation agreement signed by the heads of the Martyrs Foundation in Iraq and Iran; To provide the best medical, educational and welfare services to the families of the martyrs and the families of the wounded and the disabled.
Al-Rasheed Bank launches the "Credit Card", adding a balance of (5) million dinars to its holder
Al-Rasheed Bank decided on Wednesday to launch a "Credit Card" connected to a "Nakheel" card for employees of Master Car holders (Nakheel).
In a statement received by Shafak News Agency, the media office said that "the advantages of that card are that an amount of (5) million dinars is deposited as a maximum for its holder."
And he indicated that "the ceiling of the balance added to this card is three monthly salaries, depending on the lowest salary that was deposited in the (Nakheel) card during the last three months and was received by the employee."
He added, "This card is issued to the employee whose net monthly salary received is not less than (1,000,000) million dinars at the present time, and the amount of deduction is (5%) of the net salary deposited in the card."
In The Document.. The Central Bank Proposes To The Government To Comply With US Sanctions Against Russia
The Central Bank suggested, on Wednesday, March 2, 2022, that the Iraqi government wait in .concluding any contracts with Russia as a result of the economic sanctions imposed by Washington on Moscow Central Bank Governor Mustafa Ghaleb Makheef said: We would like to inform you that as a result of the current war between Russia and Ukraine, the US Treasury has imposed sanctions on Russian financial and economic institutions for the purpose of limiting Russia’s capabilities in the war, and for the purpose of protecting the Iraqi financial system, we suggest that we should wait for the time being about Conclusion of any government contracts with the Russian side .and the need to be patient in transferring any financial payments that pass through the financial system in Russia The Governor of the Central Bank called on the Secretary-General of the Council of Ministers to "circulate this to the various ministries and agencies, with the need to provide us with the aspects that each ministry deals with the Russian side for the purpose of finding the appropriate mechanism in this area in a way that ensures the integrity of the ".financial system in Iraq
Al-Halbousi receives an invitation to visit Tehran
Today, Wednesday, the media office of Parliament Speaker Muhammad al-Halbousi said that al-Halbousi thanked "the official invitation to visit Iran, which he promised to meet as soon as possible", after a meeting between them today in Baghdad.
The meeting between Al-Halbousi and Qazi discussed the joint memorandum of understanding on the issues of martyrs, victims and their families.
Al-Halbousi stressed, during the meeting, "the legislative authority's support for the memorandum of understanding and the work of the Martyrs Foundation and everything that serves this segment and guarantees its rights, in appreciation of their sacrifices and service to their families."
An Iraqi trade delegation visited the Iranian Chamber of Commerce in early December, and both sides stressed that pursuing bilateral trade worth $20 billion between the two countries is not a far-fetched goal.
It should be noted that relations between Iraq and Iran are based on mutual interests, as Iraq relies on Iranian gas and electricity, but its imports have recently been irregular due to outstanding payments.
The Democrat describes the Federal Court's decision as a "dictator" and talks about Kurdistan's percentage of the budget
Today, Wednesday, the Kurdistan Democratic Party described the Federal Court's decision that the oil and gas law in Kurdistan is unconstitutional, while revealing the region's percentage in the federal budget for each year, noting that the region .received only 7%
A member of the Kurdistan Democratic Party, Imad Baglan, said in an interview that I followed (Baghdad Today), that "the constitution confirmed that the decisions of the Federal Court are obligatory to implement, but this does not mean that the court issues absurd and unconstitutional decisions, as the constitution remains superior ".and higher than the judges
He pointed out that "the decision of the Federal Court was not based on any constitutional article, and that the oil and gas law does not intersect with the constitution, but is committed to it," noting that "the court's decision does not concern a person or a candidate, but affects an entire people and imposes an .economic siege on them, and this means back to dictatorship
He stressed, "Since the decisions of the Federal Court are final, there are other solutions, including the enactment of the Federal Oil and Gas Law, as it will give everyone his right, including the southern provinces, but the political forces impede ".its passage because it will expose its falsity and thefts Regarding the budget of the Kurdistan region, Paglan explained that "the region will continue to demand its percentage, which is 17 percent of the value of the federal budget, and this percentage was approved years ago, but in fact it received only 7 percent of it every year," noting that "there are many articles of the constitution that must To be applied first, so that we, in turn, comply with the Federal Court’s ”.decision
Honest: The Increase In Oil Prices Is Useless For Several Reasons
The Sadiqoun Parliamentary Bloc confirmed, on Wednesday, that the increase in oil prices is useless and will not benefit the people for several reasons.
Representative of the bloc, Suhaila Al-Sultani, said in a statement to the “Information” agency, that “the increase in oil prices is hidden and useless as a result of the rise in prices in the local markets,” noting that “the rise in commodities and prices came as a result of the Russian-Ukrainian war, which will increase the difficulties of the global economy.” .
She added that "the presence of the Russian-Ukrainian war makes commodity-exporting companies impose large additional fees on the goods they transport to ensure and secure the continuity of their means."
And she indicated that "the Russian-Ukrainian war will raise prices, as they are among the most important countries exporting oils, wheat, oil and many other products."
It is noteworthy that oil prices have recently jumped to their highest levels as a result of the imposition of Western sanctions on Russia
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