The Swedish response to the invasion of Ukraine

Sweden sends military aid to Ukraine

Sweden’s Prime Minister Magdalena Andersson speaks to the press as she arrives at the European Union summit at The European Council Building in Belgium, Brussels, on the situation in Ukraine (February 24).
Andersson said that Sweden would send military aid to Ukraine, including anti-tank weapons, helmets, and body armor. “Sweden is now proposing direct support for Ukraine’s armed forces. It includes 135,000 field rations, 5,000 helmets, 5,000 body shields, and 5,000 anti-tank weapons,” Andersson told a news conference.

Sweden shut airspace for Russian planes

Sweden is preparing to close its airspace to Russian planes, following suit with European countries, including Britain Germany, in doing so in response to the invasion of Ukraine, a government minister said on Sunday.

Swedish EU Minister Hans Dahlgren told public service radio SR that the Nordic country would also be pushing for closure across the European Union.

Ukrainian war pushes Sweden and Finland closer to NATO

Sweden and Finland are officially non-aligned; however, they have been NATO partners since the mid-1990s and ended their neutral stance at the end of the Cold War. At the time, Stockholm and Helsinki have ruled out applying to join the NATO military alliance, but the two countries have never been so close to taking the plunge.

• For the first time in history, most Finns are in favor of joining NATO, according to a poll published on Monday by public broadcaster Yle. That’s almost double the number when Helsingin Sanomat newspaper put the support at 28% just a month ago.
• According to a poll by a public broadcaster SVT, support for joining NATO is historically high in Sweden too – at 41%.

Fear and concerns

People are withdrawing money

After the Russian invasion of Ukraine, Swedes have been starting to hoard cash. The Swedes have begun to withdraw more money after the invasion of Ukraine. According to Bankomat, the increase of cash withdrawals is very high – around 30%. These statistics show that people realize how vital cash is for crisis preparedness.

Read also our article about Cashless Society and the potential digital currency “e-krona” backed by a Central Bank

People are buying gold

Many people are buying gold, silver, and platinum to keep their money safe and not lose their money’s value. After Russia invaded Ukraine also, gold sales in Sweden have spiked. Some data suggest that the spike has been as steep as 35% since 22. February, the gold price has increased almost 5% in Swedish Krona terms – it is a massive spike for safe-haven assets like gold in such a short time!

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NB! Tavex continues to carefully monitor the current situation taking place in Russia and Ukraine. In order to best protect our customers against risks associated with potential dramatic and unpredictable FX market movement on RUB and UAH, we are temporarily suspending Russian Ruble (RUB) and Ukrainian Hryvnia (UAH) trading until further notice.   We have stopped BUYING UAH and RUB from all customers, effective immediately. Thank you for your understanding and we will continue to evaluate and monitor events as they unfold.

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