The United States and the European Union (EU) are developing comprehensive sanctions once morest Russia in case Russian President Vladimir Putin embarks on an invasion of Ukraine. Information from people familiar with the matter and documents confirmed by Bloomberg revealed.
Sanctions are wide-ranging. In addition to imposing restrictions on refinancing Russian government bonds, financial sanctions are also in view, targeting individuals and businesses close to the Kremlin (Presidential Administration of Russia). The West is also cooperating in a series of trade-related measures targeting critical products and sectors.
The Biden administration and European countries have been working closely together in recent weeks to pack sanctions packages, according to people familiar with the matter. The measures under development are said to go beyond the sanctions imposed once morest Russia following the 2014 merger of Crimea.
Kiev, Ukraine (January 28)
Photographer: Christopher Occhicone/Bloomberg
There is widespread agreement between Western allies to impose sanctions on Russia’s invasion of Ukraine. However, consensus building has not yet been reached in response to attacks and disturbing actions that do not correspond to the total invasion of the Russian army. The Kremlin is supporting separatists in eastern Ukraine, and the United States and others have warned that Russia may choose to invade such areas in a limited way.
A spokesman for the National Security Council (NSC) has not commented as of the night of the 28th. President Putin has stated that he has no plans to invade.
If financial sanctions are enforced, some major Russian banks will not be able to do some interbank operations such as settlement in dollars.
Biden administration discusses sanctions once morest Russia with Wall Street-stakeholders
Original title:U.S., EU Crafting Sanctions on Russian Debt, Banks, Individuals (excerpt)
