Russia Ukraine War: US President Joe Biden said on Thursday that he would impose several new sanctions against Russia as part of an exercise to isolate Moscow from the global economy. The President said that millions of crores of assets will be targeted through the penalty and this includes special steps against the elite people and banks of Russia, including the state-owned VTB Bank.
Russia’s economy will have to pay a serious price
Biden said the White House has approved the deployment of additional troops to Germany as NATO allies seek to strengthen security in Europe. Biden said, “Today, I am ordering more stringent sanctions and new borders on Russia. This will pay a serious price to Russia’s economy, both in the immediate and in the long run.
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Biden said on Thursday afternoon, “I spoke to the G-7 leaders this morning. We fully agree that we will limit Russia’s ability to trade in dollars, euros, pounds and yen to be part of the global economy.”
The capacity of Russian banks will decrease
After Biden’s speech, the Treasury Department issued a large list of US sanctions. The department said its sanctions would greatly reduce the capacity of Russian lending giant Sberbank and VTB Bank.
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“On a daily basis, Russian financial institutions conduct foreign exchange transactions worth $46 billion globally, 80 percent of which are in US dollars,” the Treasury said in a release. Most of these transactions will now get stuck.”
Billionaires close to Putin will be targeted
It also said that close relatives of Russian President Vladimir Putin would be targeted to pressure Moscow to stop a military attack. The list includes Putin’s aide and former chief of staff of the Presidential Executive Office, Sergei Ivanov, and his son. Another close aide of Putin and Rosneft CEO Igor Sechin is also being targeted along with his son. Rosneft is one of the largest publicly traded oil companies in the world.
Before Biden’s remarks, the leaders of the G-7 said they were “shocked and condemned” by the Russian military’s attack in Ukraine. He promised to impose “severe and mixed economic and financial sanctions” against Russia.
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