US Will Sanction Russia with Stiffer Export and Banking Controls

by Wall Street Rebel | Michael London | 02/24/2022 3:01 PM
US Will Sanction Russia with Stiffer Export and Banking Controls

As President Biden claimed that Moscow had begun its invasion of Ukraine, Western nations retaliated by imposing sanctions on the country. The economic effect of the sanctions is anticipated to be minimal, but the United States and its partners believe they send a strong message to Russia.

 

President Biden said on Thursday that the United States will blacklist key Russian banks and impose export restrictions on Russia to reduce Russian high-tech imports as part of a concerted effort among allies to punish the Kremlin for its military invasion of Ukraine.

According to Vice President Joe Biden, who spoke from the East Room of the White House, the penalties will target Russian institutions with a combined $1 trillion in assets, including VTB Bank. He also said that the United States will slap penalties on other Russian elites who have ties to the Kremlin.

Vice President Joe Biden admonished Russia's President Vladimir Putin for authorizing the invasion against Ukraine, and he predicted that his actions would cost Russia "significantly."

"Putin is the aggressor in this situation. The president said that Putin "decided to go to war, and now he and his nation will suffer the consequences."

Biden said, in a subsequent statement, "Putin will be a pariah on the world stage."

VTB and Sberbank, Russia's two most prominent financial institutions, will be sanctioned, the Treasury Department said in a press statement. The sanctions will prevent the two banks from processing payments via the United States' financial system.

As part of its anti-corruption efforts, the Biden administration has imposed blocking restrictions on three more Russian financial institutions: Otkritie, Novikom, and Sovcom.

Additionally, according to the Treasury Department, 10 Russian people are targeted by the penalties, including close associates of President Vladimir Putin and Russian business leaders in the banking sector.

However, despite the pleadings of the Ukrainian government and some members of Congress, the new round of sanctions did not result in Russia being kicked out of the SWIFT international financial system.

"I'm not going to be polite about this. In anticipation of Biden's statements, Ukraine's foreign minister Dmytro Kuleba tweeted that "everyone who now wonders whether or not Russia should be barred from SWIFT must realize that the blood of innocent Ukrainian men, women, and children will be on their hands as well." "Ban Russia from the SWIFT network."

Biden acknowledged reservations about taking such a measure expressed by certain European friends, but he said that the sanctions being imposed were harsh enough to make a significant impact. He said that throwing Russia out of the system would be a possibility in the future but did not elaborate.

"The sanctions we enacted go above and beyond SWIFT," Biden said. "The punishments we imposed were much more severe than anything else that had ever been done before. With the sanctions we imposed, two-thirds of the world has decided to join forces. They are quite severe penalties. Allow another month or two to pass before we discuss if they are effective."

Also mentioned were measures to impose penalties on people and businesses in Belarus, accusing the country of assisting and aiding Russia's invasion of Ukraine via financial and diplomatic means.

Russian aggression against Ukraine was already underway when Biden announced fresh sanctions against Russia.

On Putin's instructions, the Russian military launched a massive offensive against Ukraine throughout the night on Wednesday. As the Pentagon has said, the current assault is simply the first step of a multi-stage invasion.

In all likelihood, you will see things develop in several stages. How many and for how long? We don't know what to say. On Thursday, a senior military source warned reporters before Vice President Joe Biden addressed the country that "what we're witnessing is the beginning stages of a large-scale invasion."

In the words of the official, "They're moving closer to Kyiv."

In a statement issued late Wednesday, Vice President Biden denounced the attack, but his words on Thursday were his first extensive observations on the tragedy unfolding in eastern Europe.

The introduction of additional measures followed the release of new sanctions by U.K. Prime Minister Boris Johnson, who made his statement about an hour before Biden's speech.

The White House and its supporters have meticulously coordinated the reaction to Russia's military buildup and eventual invasion of Ukraine.

Deputy Treasury Secretary Janet Yellen issued a statement Thursday afternoon saying, "Our steps, conducted in conjunction with partners and allies, will diminish Russia's capacity to project force and undermine the peace and stability of Europe."

In our efforts to hold Russia responsible for its continued invasion of Ukraine while also reducing the consequences for Americans and our allies, we are unified in our efforts.

 

                      Russia Hit With Sanctions Over Ukraine: What It Means for Putin | WSJ

 

 

 

 

[Strategic Investment: The Post WWII World Order is About to Collapse]

 

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