The US government tightens sanctions against Russia. It has now set its sights on international financial institutions helping the Kremlin finance the war in Ukraine. These may be excluded from the US financial system in the future.
The new measures are mainly aimed at banks that help the Russian government with the purchase of equipment for the army. The White House announced this on Friday. “The screws are being tightened on the Russian war machine and its supporters,” says National Security Advisor Jake Sullivan. In concrete terms, this means that banks that support the Russian army are no longer allowed to have accounts in the US. In addition, any assets in the United States may be frozen.
President Joe Biden has already signed the executive order. The sanctions are intended to prevent the Kremlin from obtaining materials for weapons production. The Russian government currently has to use the ‘financial system’.
Embargo on diamonds
In addition, an embargo has been imposed on products exported from countries other than Russia but made with Russian materials. These include diamonds. There is currently a heated debate in Congress over whether or not US billions in aid to Ukraine will continue (see video above).
Whatever the case, the government is likely to be convinced that the new sanctions are working. The previous punitive measures and export controls have already “significantly weakened” Russia’s ability to acquire equipment, materials and technology, Sullivan said. The Kremlin was forced to turn to ‘rogue regimes’ such as Iran and North Korea.
In fact, the Russian economy continues to show resistance to the sanctions. The International Monetary Fund (IMF) forecast economic growth of around two percent this year and an increase of just over one percent for next year. The country continues to export large quantities of oil and gas to India and China.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
