According to the governor’s report “Romania: Recent Macroeconomic & Banking System Developments” exports to Russia and Ukraine account for only 4.7% of total Romanian exports, thus, a 10% fall in the value of exports to these countries would only shave 0.16 percentage points off the growth rate of Romania’s GDP.
Romania is able to cover around 80% of its own natural gas consumption, although all imported natural gas comes from Russia via Ukraine, thus it ranks the third least imported-energy-dependent country in the EU.
According to the report, Russian capital has a significant presence in the iron and steel (TMK), metallurgy (ALRO Slatina and ALOR Oradea) and oil refining (Lukoil) sectors, yet none of the Russian-owned companies may be deemed to be of systemic importance.
There are no direct links between the Romanian banking system and those of Russia and Ukraine, as there is no Russian or Ukrainian capital in the Romanian banking system, while exposures of Romanian banks to Russian or Ukrainian entities are “negligible”, the report reads.
According to the report, so far the impact of regional tension flare-ups on the capital and forex markets has been moderate and short-lived.