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2. Toughening Financial Sanctions on Russia: Enforcing Energy Sanctions and Reducing Shadow Reserves Effectively
- Author:
- Guntram Wolff, Benjamin Hilgenstock, and Elina Ribakova
- Publication Date:
- 05-2023
- Content Type:
- Policy Brief
- Institution:
- German Council on Foreign Relations (DGAP)
- Abstract:
- Financial sanctions are key in enforcing restrictions on Russian energy exports – in particular the G7/EU oil price cap regime –, due to financial institutions’ critical role in cross-border transactions. While the energy sanctions regime is having an impact on export earnings and budget revenues, evidence for potentially widespread violations is also emerging. Moreover, favorable external dynamics have allowed Russia to accumulate substantial assets abroad – “shadow reserves” –, which need to be kept out of reach of the regime.
- Topic:
- Governance, Sanctions, European Union, International Order, Energy, Geoeconomics, and Russia-Ukraine War
- Political Geography:
- Russia and Eurasia
3. Coping with Technology Sanctions in the Russian Financial Sector
- Author:
- Alexandra Prokopenko
- Publication Date:
- 05-2023
- Content Type:
- Policy Brief
- Institution:
- German Council on Foreign Relations (DGAP)
- Abstract:
- The Russian financial sector has taken a double hit from sanctions – both in infrastructure (affecting financial transactions) and in technology (affecting the hardware and software). Infrastructural sanctions imposed by Western countries in reponse to the war on Ukraine (de-SWIFTing, overcompliance, and breaking of correspondent relationships) affected their operational activity. Moreover, the Russian government banned the use of foreign software and equipment imports, which has been a drag on business development. The financial sector was able to withstand the first shock. However, the most recent restrictions on access to advanced technologies, especially from the US and the EU, will lead to import substitution based on technologies of yesterday.
- Topic:
- Science and Technology, Governance, Sanctions, European Union, International Order, and Russia-Ukraine War
- Political Geography:
- Russia and Eurasia
4. China “De-risking”: A Long Way from Political Statements to Corporate Action
- Author:
- Ole Spillner and Guntram Wolff
- Publication Date:
- 06-2023
- Content Type:
- Policy Brief
- Institution:
- German Council on Foreign Relations (DGAP)
- Abstract:
- Major Western leaders have been calling for “de-risking” from China, rather than “decoupling.” But what exactly de-risking means and how it differs from decoupling, remains unclear. It is ultimately firms, not governments, driving trade and investment relations. But firms cannot account for unidentified risks by themselves. National security risks are for governments to define. Complex supply chain externalities might entail risks to production that are also difficult for firms to account for. Furthermore, firms may bet that governments will rescue them if a worst-case scenario happens, effectively socializing risks. In the EU, Germany is particularly exposed to China risk in terms of security, macroeconomic, and political exposure.
- Topic:
- Security, European Union, Macroeconomics, Supply Chains, and Geoeconomics
- Political Geography:
- China, Europe, and Asia
5. Protecting the EU’s Submarine Cable Infrastructure: Germany’s Opportunity to Transform Vulnerability into Mutual Resilience
- Author:
- Jannik Hartmann
- Publication Date:
- 07-2023
- Content Type:
- Policy Brief
- Institution:
- German Council on Foreign Relations (DGAP)
- Abstract:
- Submarine cables handle over 95 percent of the world’s internet traffic, making them essential for everything from finance to foreign affairs. The September 2022 attack on the Nord Stream pipelines and increased Russian naval activity brought greater awareness of how European – and German – interconnectedness also brings vulnerability. The urgency of tackling this threat offers Germany an opportunity to take a structural and joined-up approach that shows it can act as a “team power.”
- Topic:
- Security, Infrastructure, European Union, and Resilience
- Political Geography:
- Europe and Germany
6. Evaluating Public Support for Chinese Vendors in Europe’s 5G Infrastructure
- Author:
- Tim Rühlig and Richard Q. Turcsányi
- Publication Date:
- 08-2023
- Content Type:
- Policy Brief
- Institution:
- German Council on Foreign Relations (DGAP)
- Abstract:
- Germany is considering banning equipment made by Chinese companies like tech giant Huawei – in its 5G mobile infrastructure. A revised 2021 IT Security Act failed to reduce China’s 59 percent market share. A representative opinion poll, shows only 30.8 percent of Germans want 5G cooperation with China. Across 11 European countries, skepticism is equal, with only 31.8 percent approval – though this varies greatly from country to country.
- Topic:
- Science and Technology, Infrastructure, European Union, and 5G
- Political Geography:
- Europe and Asia