The United States will announce a new package of sanctions against Russia

(CNN) – A Biden administration official said the United States will announce new sanctions against Russia on Wednesday in coordination with the Group of Seven and the European Union.

The official noted that the comprehensive package “will impose significant costs on Russia and push it down the path of economic, financial and technological isolation.”

The new sanctions package will ban all new investments in Russia, increase sanctions against financial institutions and state-owned companies in Russia, and penalize Russian government officials as well as their relatives.

The new package of sanctions represents the latest escalation in efforts by the United States and its allies to impose costs on Russia in the wake of its invasion of Ukraine. Also, over time, it hit the vital economic sectors that the country used to wage war. It also comes after more atrocities by Russian forces in northern Ukraine, with devastating photos of bodies in Bucha, accelerating discussions between the United States and its European allies to increase economic measures, officials said.

“These actions will weaken the main instruments of Russian state power, inflict severe and immediate economic damage against Russia, and take responsibility for the Russian kleptocracy that finances and supports Putin’s war,” a US official said. “These actions will be taken jointly with our allies and partners, demonstrating our determination and unity to impose unprecedented costs on Russia for its war against Ukraine,” he added.

Bucha, massacre by passing Russian troops 2:13

“We have already determined that Russia committed war crimes in Ukraine. Bucha’s information appears to show more evidence of war crimes. As the president said, we will work with the world to ensure a surrender,” the official added. accountability for these crimes. One of these tools is sanctions. We are working extensively with our European allies on new sanctions.

More sanctions on Russia

The expected sanctions come after the US Treasury announced that it would no longer allow Russia to pay its debts using dollars stored in US banks. While Washington imposed sanctions on the Russian Central Bank by freezing its foreign currency in US banks, the Treasury had previously allowed Russia to use these reserves to service its debt.

It’s a move officials say will greatly increase the risk of default. They also say it would undermine the central bank’s urgent efforts to stem the immediate bleeding of the Russian economy in the wake of the Western response to the invasion.

Since the Russian invasion of Ukraine began in late February, the United States and its allies have imposed sanctions on hundreds of Russian elites and lawmakers. It also restricted the country’s access to Western technology critical to the defense and technology sectors, froze nearly half of Russia’s foreign reserves, and suspended certain Russian banks from the SWIFT banking network, among other measures. The United States has also banned the import of oil, natural gas and other Russian energy products.

It seems that Ukraine has dealt a strong blow to the Russian lands 1:10

While the severity and speed of Western sanctions against Russia are unprecedented, major exceptions remain as US officials continue to monitor US and European supply chains and seek to limit the impact of sanctions on Western economies that are dealing with inflation at record levels.

CNN reported late last week that Russia is facing a deep recession and soaring inflation, as sanctions have pushed the country into an increasingly closed economy. A change US officials believe the Kremlin will struggle to achieve because it has long relied on selling raw materials to buy advanced equipment and consumer goods.

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