Ambassador of Ukraine to Denmark visits Saxo
Summary: To show our support to Ukraine following the Russian invasion, we had the honour of welcoming the Ukrainian ambassador to Denmark, Mykhailo Vydoinyk. Watch the recording here. You can also read a version of Founder and CEO, Kim Fournais' letter to employees where he shared his thoughts on the conflict.
Following the Ambassador’s recommendation and to further support the brave people of Ukraine, we have donated EUR 250.000 to the official Ukrainian fundraising account for humanitarian assistance to Ukrainians affected by Russia’s aggression. We encourage you to donate as well. If you want to support this, you can do it here.
You can also donate to Red Cross here.
Below, you can read a version of Saxo's Founder and CEO, Kim Fournais, to the Saxo employees about the bank's view on the situation.
The unprovoked invasion of Ukraine initiated by Putin has created an unreal and terrible situation for Ukraine and its brave people – and for Europe and the world.
How well Ukraine, its leadership and people have managed to keep the aggressive enemy away so far is truly admirable. We extend our full support and thoughts to the proud and courageous people of Ukraine. We all pray they will keep this strong resistance up - and that Putin will soon understand that this is the biggest mistake he ever made.
In the darkness of this terrible situation, it is nonetheless uplifting to see the global support for Ukraine and the help (and sanctions against Russia) that is being mobilised by the international community.
In the Saxo Bank Group, we have quickly implemented all the new sanctions and last week we put all Russian-linked instruments on reduce-only, meaning clients could only sell existing positions. We of course condemn this completely crazy and aggressive act, where Putin has decided to invade a peaceful country and its innocent people. It is one man's ego against a people who believe in freedom and prosperity.
We all understand that this is an aggression that no (or very few) humans had conceived possible in Europe in 2022. One would have thought (or hoped), that all the wars and the unrests of the past provided enough learning and respect for each other, and not least the lives of innocent people. Unfortunately, this is not the case, and this is an attack on all free people with a very real risk that this could spread into a much bigger conflict. In Saxo, we will do what we can to help and assist our Saxonians and clients, and not least support Ukraine in these very difficult and uncertain times.
Many Saxonians have close family and friends who are impacted by this, and we do understand these are indeed difficult and very emotional times. Let us all try to support and comfort each other.
I want to make it clear too, that we see this aggression coming from Putin, and not the Russian people. This has nothing to do with the many skilled, dedicated, and fantastic people we have working for us in Saxo, nor Russians anywhere else.
We do not believe in starting wars, but we do believe in protecting innocent people’s lives and fight for freedom, whenever that is needed. When feelings surface in times of unrest, it is more important than ever that we do not give in to the efforts by violent regimes trying to divide us. We need to look past what separates us from one another. Let us try to unite as people that believes in freedom, peace, and prosperity.
This is not a war between Russia and Ukraine, this is a war started by Putin to the benefit of his ego and unrealistic and unethical dream of building a new empire, based on fear and terror, with everyone else being innocent victims to that.
Outrageous Predictions 2023: The War Economy
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French President Macron resignsThe political stalemate in France and the rise of Marie Le Pen following the 2022 elections corners President Macron, forcing him to give up on politics and resign from his position. At least for now.
Gold rockets to USD 3,000 as central banks fail on inflation mandateAs markets and central banks realise that the idea that inflation is transitory is wrong, and that prices will remain higher for longer, gold is sent through the roof, hitting a price tag of USD 3,000
EU Army forces EU down path to full unionWith continued challenges in the region and a US military that isn't aggressively enacting its former role as global policeman, the European Union agrees to create its own armed forces, bringing the whole region closer.
A country agrees to ban all meat production by 2030In an effort to become one of the global leaders on the path to net-zero emissions, one country decides to not only put a heavy tax on meat, but to ban domestic production entirely.
UK holds UnBrexit referendumFollowing a recession and domestic pressure, the United Kingdom is thrown into political turmoil that will end with a vote to wind back Brexit.
Widespread price controls are introduced to cap official inflationHistory tells us that with the war economy comes rationing and price controls. And this time is no different, as policymakers introduce strict price controls that lead to a range of unintended consequences.
OPEC+ & Chindia walk out of the IMF, agree to trade with new reserve assetSanctions against Russia have caused widespread turmoil due to US Dollar moves in countries across the globe that don't consider the US an ally. To relieve themselves from this, they leave the IMF and create a new reserve asset.
USDJPY fixed to the USD at 200 as Japan overhauls financial systemFollowing the challenges that faced the Japanese Yen in 2022, the Bank of Japan attempts to keep the currency from sliding. Unsuccessful on the long-term, Japan will launch a reset of its entire financial system.
Tax haven ban kills private equityWith the war economy comes an increased focus on national interests and sovereign nations' ability to assert themselves. In that regard, the OECD countries turn their attention on tax havens and pull the big guns out, banning them altogether.