Friday, May 24, 2024
HomeNewsNew sanctions on Russia after Ukraine annexation | 10 points

New sanctions on Russia after Ukraine annexation | 10 points


Moments after Russia declared that it has annexed four areas of neighboring Ukraine on Friday, the United States has sanctioned Russia central bank head Elvira Nabiullina and Deputy Prime Minister Alexander Novak as well as hundreds of other prominent Russians and businesses.

Russian President Vladimir Putin annexed four territories in Ukraine controlled by his army at a grand ceremony in the Kremlin and urged Kyiv to lay down its arms and negotiate an end to seven months of fighting.

Kremlin had declared that any attack against that area annexed would be considered an attack on Russia itself. It also stated that Russia would fight to annex the entire eastern Donbas region.

All you need to know about US sanctions on Russia

1) Treasury Secretary Janet Yellen said, “We will not stand by as Putin fraudulently attempts to annex parts of Ukraine. The US is targeting key leaders in Russia’s financial sector, limiting its ability to prop up the economy.”

2) Nabiullina, 58, has served as Russia’s central bank governor since 2013, has managed the economic fallout from international sanctions, quickly adjusting to a wartime policy when the ruble plunged 30%.

3) With the ruble plunging as the U.S. and its allies imposed sweeping sanctions — including on the central bank itself — Nabiullina more than doubled the key interest rate and imposed capital controls to stanch the outflow of cash.

4) Novak, 51, has represented Russia in talks with Organization of Petroleum Exporting Countries since 2016 and and helped forge the historic cooperation agreement between OPEC and nations outside the group to coordinate production and prevent a supply glut, including the deal on historic cuts in 2020 amid Covid-19 pandemic.

5) The Treasury Department also sanctioned Olga Skorobogatova, the first deputy governor of the central bank as well as 14 international suppliers for supporting Russia’s military supply chains, 109 members of the State Duma and 169 members of the Federation Council of the Federal Assembly of the Russian Federation. 

6) Additionally, it has also sanctioned relatives of members of Russia’s national security council, including the wife and children of Russian Prime Minister Mikhail Mishustin and the wife and adult children of Russian Defense Minister Sergei Shoigu.

7) The State Department is also imposing visa restrictions on Ochur-Suge Mongush for “torturing a Ukrainian prisoner of war” along with 910 other individuals, including members of the Russian and Belarusian militaries and their proxies.

8) The Department of Commerce is adding 57 entities to its Russian export blacklist and issuing an advisory that the US says makes clear other countries will face penalties for supplying Russia or Belarus with military or industrial support, including backfilling items prohibited by the US and its allies.

9) It also said that its Office of Foreign Assets Control generally won’t impose sanctions on non-US persons who engage in “certain energy-related transactions” with Russia.

10) The State department said that it is trying to implement a global cap on the price of Russian oil by allowing it to flow to third countries under some restrictions.


(With inputs from agencies)






























Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.


Source link


most popular

Recent Comments