(Finance) – A complete picture of the sanctioning measures, including various financial and export control measures, implemented by the European Union against the Russian Federation and the possible strategies to adapt to the new scenario, address customs implications that the new structure of commercial relations will lead to and minimize the negative impacts on the operations of the companies involved. These are the themes at the center of the meeting entitled “Russia-Ukraine crisis: economic consequences and new obligations for Italian companies” – first appointment of the webinar cycle launched by SACE Education to support Italian exporting companies in the current geopolitical scenario characterized by the Russian-Ukrainian crisis – which saw the participation of the Customs and Monopolies Agency and the Representation of the European Commission in Italy. An initiative that is part of the transversal crisis table activated by Sace with the aim of constantly monitoring the situation with extreme attention, updating and supporting the Italian companies that export to the areas affected by the conflict and that are affected by it. Moderated by Mariangela Sicilianohead of SACE Education, the webinar saw the speeches do Antonio Parenti, Director of the European Commission Representation in Italy, Marcello Minenna, general director of the Customs and Monopoly Agency, Alessandro Terzulli, chief economist SACE, Alfredo Gozzi, director of Confindustria Moscow, e Tony CorradiniICE Ukraine Help Desk Manager.
“If on the one hand we can consider the emergency phase of the pandemic to be over, on the other – said theCEO of Sace, Pierfrancesco Latini, opening the webinar – we are faced with a series of events that make the road of the restart of the Italian economy uphill. To the points of attention related to the issues of logistics, the supply of raw materials and inflation, which emerged during the pandemic, was added, if possible by aggravating them, the escalation of the Russian-Ukrainian crisis which opens up various scenarios of uncertainty ” .
Latini focused in particular on stronger impacts from an economic and commercial point of view. “The harsh sanctions imposed on Russia of an individual, sectoral type and in terms of restrictions on transfer and currency convertibility. A constantly evolving scenario that requires daily monitoring. The progressive exodus of foreign corporations from Russia, with announcements of divestment and operating limitations. The Russian response to international sanctions, with the unknown of payment flows in hard currency that could be interrupted, even if, at the moment, all debts have been honored, the request made by Russia for payment in gas rubles, and, an extreme hypothesis, the risk of default of the country The inevitable slowdown of the economies of the countries involved in the conflict, which has already led to a downgrade by the rating agencies of Russia, Ukraine and Belarus. These impacts – explained the CEO – will certainly have repercussions on the world economy, international trade and on our exports to that these countries which, I recall, are worth about 10 billion euros “.
In this context, Latini continued “SACE temporarily suspended the assessment of the assumption of new risks for the export credit business in Russia and Belarus. Furthermore, we are evaluating the evolution of the situation on a daily basis and with extreme attention through an internal crisis table that involves our best skills: from the research office to the business structures, to risk analysis “. Evaluations which – specified the director SACE delegate – “are naturally also shared with the other institutions involved in the Russian-Ukrainian crisis, to provide guidance and support: from the Ministry of Economy and Finance, to the Ministry of Economic Development, up to the Ministry of Foreign Affairs and Cooperation International, in the name of that spirit of collaboration carried out in recent years, even in complex situations, and which has seen us work profitably with all the players in the country system “.
“We have reached very high levels of uncertainty. We need to be cautious in delineating the impacts of the crisis,” he said. Terzulli illustrating the Italian-Russian trade and the economic repercussions of the crisis. “2022 was a year of consolidation of the recovery. With the Russian invasion of February 24 – highlighted the chief Economist SACE – the scenario changed drastically compared to that of January”.
Finally, Latini recalled that “today’s webinar starts from the crisis table and was created with the aim of providing exporting companies with a framework of information and tools to better evaluate the new scenario in which they are called to operate. our training hub of SACE Education, which I remember in 2021 reached more than 7 thousand companies, – underlined the CEO – we offer constant support. A real concrete support to companies that are facing this crisis situation, guiding them in the strategic choices, in the assumption of risks, in the evaluation of new alternative markets and in understanding how to best use Sace’s insurance-financial offer “.