Commerce Ministry to Discuss Economic Fallout of Sanctions Against Russia

[webfact]

 

by Paphamon Arayasukawat

    

BANGKOK (NNT) - The Ministry of Commerce and private businesses will this week discuss the Russia-Ukraine situation, with the Kingdom expecting ramifications from several Russian banks being cut off from the SWIFT payment system.

 

Deputy Prime Minister and Commerce Minister Jurin Laksanavisit noted that the conflict has so far had no major impact on the Thai export sector. He nevertheless assured that the Thai government will do everything within its power to cushion its effects. He also said that his agency has been closely monitoring crude oil prices, along with fluctuations of the ruble currency.

 

Kittinan Yingcharoen, director of the Office of Foreign Trade in Moscow, said it remains to be seen whether all Russian banks will be affected by the SWIFT ban and how long the ban would last. He also acknowledged that Thai exports to Russia will most likely contract if the situation is prolonged. Thailand initially set a target of $1.1 billion in exports to Russia this year, a significant bump from $1.02 billion in 2021.

 

Kittinan further recommended that exporters reconsider taking orders from Russia to avoid payment complications stemming from the SWIFT payment ban.

 

Finance Minister Arkhom Termpittayapaisith meanwhile said he will soon hold talks with the central bank to evaluate the effect of the conflict on the Thai economy, particularly for the export and the tourism sectors.

 

Meanwhile, Yuthasak Supasorn, governor of the Tourism Authority of Thailand, said he will monitor the situation for another two weeks before updating his estimate on tourism revenue and visitor numbers.

 

-- © Copyright NNT 2022-03-01

 

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[RafPinto]

No ploplem.

 

The indians are coming.

 

Just adjust the Thai baht to the rubble drop.

[hotchilli]

2 hours ago, webfact said:

The Ministry of Commerce and private businesses will this week discuss the Russia-Ukraine situation, with the Kingdom expecting ramifications from several Russian banks being cut off from the SWIFT payment system.

Why not discus the potential fallout of not speaking out when all the other countries who've already spoken out or introduced sanctions remember Thailand for not doing anything and take their business elsewhere.

[hotchilli]

2 hours ago, webfact said:

Deputy Prime Minister and Commerce Minister Jurin Laksanavisit noted that the conflict has so far had no major impact on the Thai export sector. He nevertheless assured that the Thai government will do everything within its power to cushion its effects. He also said that his agency has been closely monitoring crude oil prices, along with fluctuations of the ruble currency

Such compassion.

[RichardColeman]

2 hours ago, webfact said:

Kittinan further recommended that exporters reconsider taking orders from Russia to avoid payment complications stemming from the SWIFT payment ban.

Does this person actually think that Russia is going to continue buying and importing from Thailand after their currency has devalued 30%+ ? Putin might be a complete fruitcake, but businessmen are a little more savvy in money terms. Thailand sales are finished to Russia for the immediate future, no matter what these fools talk about and hope for. Orders will not be honoured for the orders already taken, let alone ordering more !

 

 

 

 

[John Drake]

2 hours ago, webfact said:

Kittinan further recommended that exporters reconsider taking orders from Russia to avoid payment complications stemming from the SWIFT payment ban.

Duh.