Local

US targets Putin’s daughters, Russian banks in new sanctions – Press Telegram

By AAMER MADHANI, SAMUEL PETREQUIN and JOSH BOAK

WASHINGTON (AP) – The United States on Wednesday announced a new wave of sanctions for “war crimes” against Russia that President Joe Biden said would affect the country’s economy for years to come. The United Kingdom quickly followed suit, and more pain came from the European Union as the West tightened its grip on Vladimir Putin.

Making it personal, U.S. sanctions targeted the family of the Russian president, targeting his two adult daughters in addition to blocking two key Russian banks.

Recent sanctions underscore the economic pain facing Russia, as evidence that its troops have killed Ukrainian civilians carries increasingly harsh penalties on the part of the United States and its Western allies eroding the fighting capacity of the United States. Putin. Biden stressed that the economic consequences can survive the war.

“We are going to stifle Russia’s ability to grow over the next few years,” Biden said.

Although rounds of escalating sanctions have not forced Putin out of the war, they have put Russia in increasingly desperate economic circumstances as Ukrainian forces resist its bombing. Key to the effectiveness of sanctions has been unity between the United States and European nations. And the atrocities revealed in Ukraine have intensified pressure on Germany and other countries to go further and join the US and Lithuania in blocking all Russian energy exports.

The UK on Wednesday amassed a freeze on assets against two major banks, a ban on British investment in Russia and a promise to end dependence on Russian coal and oil by the end of the year.

The European Union was also expected to take additional action soon, including a ban on new investment in Russia and a coal embargo, following recent evidence of atrocities following the withdrawal of Russian forces from the city of Bucha.

The United States has sued two of Russia’s largest banks, Sberbank and Alfa Bank, banning assets from going through the US financial system and preventing Americans from doing business with those two institutions.

In addition to sanctions against Putin’s adult daughters, Mariya Putina and Katerina Tikhonova, USA. UU. points to Prime Minister Mikhail Mishustin; the wife and children of Russian Foreign Minister Sergey Lavrov; and members of Russia’s Security Council, including Dmitry Medvedev, a former president and prime minister.

The penalties take all of Putin’s close relatives away from the US financial system and freeze their assets in the United States.

Biden is expected to sign an executive order banning new investments in Russia by Americans, no matter where they live. The U.S. Treasury Department was preparing more sanctions against Russian state-owned enterprises, according to the White House.

Britain has announced a freeze on assets against Sberbank and the Moscow Credit Bank and has appointed eight Russian oligarchs whom Putin says he “uses to prop up his war economy”.

“Together with our allies, we are showing the Russian elite that they cannot wash their hands of atrocities committed by Putin’s order,” said British Foreign Secretary Liz Truss.

Britain has already announced a plan to phase out Russian oil, which accounts for 8% of the UK’s supply. Russia is the largest supplier of imported coal to the United Kingdom, although British demand for polluting fuel has plummeted over the past decade.

Britain has not stopped importing Russian natural gas, which accounts for 4% of its supply, saying only it will do so “as soon as possible”.

Videos and images of corpses on the streets of Bucha after their recapture by Russian forces sparked a wave of outrage among Western allies, who drew up new sanctions in response.

The European Commission’s proposed ban on coal imports would be the first EU sanctions aimed at Russia’s lucrative energy industry over its war in Ukraine.

EU Foreign Minister Josep Borrell said energy was key to Putin’s coffers. And because the war has pushed up prices, Russia has benefited from being able to sell its natural gas and oil to the rest of the world.

“One billion euros is what we pay Putin every day for the energy he has provided us since the beginning of the war. We have given him 35 billion euros. Compare that with the billion we have given Ukraine in arms and arms,” ​​Borrell said.

The steady escalation of sanctions is less a sign of its shortcomings than construction pressure against Russia as it seeks foreign investment and basic goods, Brian Deese, director of the White House National Economic Council, said at a luncheon on Wednesday. “We need to have patience and perspective when it comes to the impacts on Russia of this unprecedented and crippling sanctions regime,” Deese said at the event sponsored by The Christian Science Monitor.

Deese noted that Russian inflation is at 2% per week, which would increase annual inflation by more than 200% per year. He noted that the Biden administration expects Russian prices not to rise by more than 200% this year.

Although the White House said Russia should not attend the G-20 meeting in Indonesia this November, it noted that it may abandon the organization anyway because its economy has shrunk so dramatically.

After several European countries announced the expulsion of Russian diplomats, the European Commission proposed a fifth package of sanctions, including a ban on coal imports, which could be adopted once unanimously approved by the ambassadors of the 27-nation bloc.

European Commission President Ursula von der Leyen said the coal ban was worth 4 billion euros ($ 4.4 billion) a year and that the EU had already begun work on additional sanctions, including oil imports.

He did not mention natural gas, with consensus among the 27 EU countries on the fuel used to generate electricity and heating homes difficult to secure amid opposition from gas-dependent members such as Germany, the bloc’s largest economy.

But European Council President Charles Michel said the bloc should keep up the pressure on the Kremlin, suggesting that an embargo on gas imports should also be imposed at some point in the future.

“The new package includes a ban on coal imports,” Michel said on Wednesday. “I think measures will also be needed on oil, and even gas, sooner or later.”

___

Petrequin reported from Brussels. Associated Press writers Zeke Miller in Washington and Jill Lawless in London contributed the information.

US targets Putin’s daughters, Russian banks in new sanctions – Press Telegram Source link US targets Putin’s daughters, Russian banks in new sanctions – Press Telegram

Related Articles

Back to top button