US Rattles Russia with Decisive Sanctions: Biden Takes Strong Stance on Aggression

• What are the new sanctions on the Russian Federation?
• How will it affect Russia?
• What is the aftermath of the Sanctions?

1. What are the new sanctions on the Russian Federation?
2. On Friday, President Joe Biden and the leaders of the Group of Seven nations expressed their firm backing for Ukraine and its President Volodymyr Zelenskyy. This came as the Biden administration unveiled extensive sanctions against Russia.
3. In a tweet, Biden reflected on the G7 meeting that took place one year ago in response to Putin’s attack on Ukraine. He noted that not only has Ukraine persevered, but the worldwide coalition supporting Ukraine has grown stronger than ever, with the G7 playing a key role.
4. The G-7 leaders have confirmed their dedication to implementing new economic measures in a coordinated manner in the upcoming days and weeks. These measures may involve:

1. Imposing sanctions on non-Russian parties that materially assist Russia

2. Restricting Russia’s ability to acquire equipment and machinery that bolster its military and manufacturing capabilities.

• On Friday, the White House announced that it intends to apply sanctions against 200 individuals and entities. These sanctions will target both Russian actors, as well as third-party actors from Europe, Asia, and the Middle East who are supporting Russia’s war efforts.
• The Department of Commerce is designating three entities involved in expanding Russia’s future energy production and export capacity, specifically related to the Vostok oil projects. This is being done without disrupting current production to avoid market disruption.

• How will it affect Russia?
• Furthermore, the sanctions will include a dozen Russian financial institutions. According to White House Press Secretary Karine Jean-Pierre, these measures will aim to impact “critical sectors that provide financial support for Putin,” as well as other Russian banks, the country’s defence technology industry, and third-party actors who are attempting to circumvent existing U.S. sanctions.
• As a part of the ongoing efforts to increase pressure on President Putin, President Biden has announced further tariff hikes on a range of Russian goods. The new tariffs will raise the tariffs on most metal and metal products to 70 % and increase the tariffs on other Russian products to 35 %. These measures are aimed at reducing US dependence on Russia while targeting important Russian commodities that generate revenue for the Kremlin.

• What is the aftermath of the Sanctions?
• In addition, the leaders expressed their disapproval of Putin’s recent move to halt Russia’s involvement in New START, an agreement aimed at reducing strategic nuclear arms between the U.S. and Russia.
• Sources indicate that members of the European Union were unable to finalize a new set of sanctions, prompting diplomats to reconvene on Friday morning to further deliberate and attempt to push the measures forward.
• It is worth noting that during the previous year, when the war first began and the West and NATO imposed sanctions on Russia, the country was able to maintain and stabilize its economy. In fact, Russia was able to counteract the impact of these sanctions and even saw an increase in the value of the Russian Ruble. This was largely due to Russia’s abundant natural resources, including an ample supply of natural gas.
• t is worth noting that when Russian banks were excluded from the SWIFT network, they found alternative ways to conduct trade, such as direct purchase and sale of goods using the Russian Ruble, which in turn increased the currency’s value. Furthermore, Russia has signed agreements with countries like China, India, Brazil, and Saudi Arabia for the establishment of Vastro accounts, which could help address the SWIFT network crisis for Russia.
• Given the current sanctions imposed on Russia, it appears that they have had little effect on the Russian economy or on weakening the country’s position in the ongoing conflict. Despite facing sanctions from the West and NATO, Russia has managed to sustain and stabilize it is economy thanks in part to its abundance of natural resources and the implementation of alternative trade method.

Kumud Sharma

https://diarytimes.com/

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