#WorldBank

Russia-Ukraine War Hits Trade Finance Hard - Says World Bank According to the World Bank, the GDP (Gross Domestic Product) of Ukraine will have shrunk by around 35%. A further downfall is also expected for 2023, as the comprehensive effects of Russia’s war on the economy are visible. Apparently, the media across the world has properly covered the massive disruptions caused to supply chains including the transportation of Ukrainian grain through Black Sea ports, where Moscow constantly broke guidelines permitting exports to distress customers abroad. Now, with the arrival of winter, Russia’s targeting of Ukraine’s energy infrastructure has led the population of the country in chilling darkness and immensely disrupted businesses. Power cuts have caused digital point-of-sale systems to be inconsistent, compelling an extensive return to cash systems. Regular business processes are now loaded with vulnerability. “We have been forced to continue our works without electricity for 12 hours a day, and sometimes more, with four hours of power supply followed by four of none (being) normal,” says Serheii Kostogryz, head of the Trade Finance and Factoring Department at Raiffeisen Bank in Kyiv. He further added that 40% of the staff presently operates remotely. “The continuity in business operations is difficult to keep up with when your utmost priority is to keep your staff safe and knowing you might all soon have to rush to the basement,” he stated. “Till today, we handled it successfully - clients can rely upon us 24x7.” Read more: https://www.emeriobanque.com/news/russia-ukraine-war-hits-trade-finance-hard #TradeFinanceHard #WorldBank #tradefinance #tradefinanceservice #corporatetradefinance #lettersofcredit #exportfinancing