clearn.png
Monday October 3rd, 2022 4:59AM

EXPLAINER: A look at West's escalating sanctions on Russia

By The Associated Press
Related Articles
  Contact Editor

The United States and European allies are again escalating sanctions on Russia after the discovery of evidence that Russian troops executed civilians in a town near Kyiv.

New penalties moved even closer to Russian President Vladimir Putin, targeting two of his adult daughters. The U.S., United Kingdom and the European Union prepared other steps including an embargo against Russian coal.

Pressure in the West for new sanctions rose in recent days after videos and photographs emerged of bodies laying in the streets of Bucha after Ukrainian forces regained control from retreating Russians. Some of the victims had their hands bound and were shot in the head, and satellite images indicated they had been in the streets since mid-March, when the Russian military still occupied the town.

“I made clear that Russia would pay a severe and immediate price for its atrocities in Bucha,” President Joe Biden said in a tweet after the White House said he will sign an executive order banning all new investment in Russia.

Sanctions imposed since Russia invaded Ukraine in February have damaged Russia’s economy but failed to stop the war.

Here’s a look at some of the sanctions now in place. Combined, they add up to some of the toughest penalties imposed on any nation short of military action.

LATEST MOVES

The United States on Wednesday announced sanctions targeting Putin’s two adult daughters — cutting off all of his close family members from the U.S. financial system and freezing any assets they might hold in the U.S. The same measures were taken against Russian Prime Minister Mikhail Mishustin, the wife and children of Russian Foreign Minister Sergey Lavrov, former President Dmitry Medvedev and others.

Washington also acted against two of Russia’s largest banks, Sberbank and Alfa Bank, and the U.S. and its allies plan to ban all new investment in Russia. Earlier this week, the U.S. Treasury Department moved to block any Russian government debt payments with U.S. dollars from accounts at American financial institutions — a step designed to make it difficult for Russia to meet financial obligations.

NEXT STEPS?

In Brussels, the European Commission proposed a ban on coal imports from Russia. If adopted, it would be the first EU sanctions to target Russia’s critical energy industry.

The United States has already banned Russian oil and natural gas, but Europe has hesitated — it is far more dependent than the U.S. on Russian energy, and sanctions are likely to drive up costs on European consumers and businesses. Germany has long opposed a ban on Russian natural gas. So has Hungary and its president, a Putin ally who is bending to Russian demands to pay for gas imports with rubles.

The EU's foreign affairs chief, Josep Borrell, said Europe is paying Russia a billion euros ($1.09 billion) a day for energy, helping finance Russia's war effort and dwarfing the aid that Europe is giving Ukraine.

Europe is also considering banning Russian ships from EU ports — Russian aircraft are already barred from European airspace — and banning the export to Russia of quantum computers, advanced semiconductors and other machinery and high-tech equipment.

Some European leaders say the proposals don't go far enough. Lithuania's foreign minister, Gabrielius Landsbergis, tweeted that a coal ban, sanctions against a few banks, and barring Russian ships “is not really an adequate sanctions package to the massacres that are being uncovered. A feeble response is just an invitation for more atrocities.”

OLIGARCHS

Also Wednesday, the Biden administration charged a Russian oligarch with violating earlier sanctions that the U.S. imposed after Russia annexed Crimea in 2014, which included barring U.S. citizens from working for or doing business with Russian media baron Konstantin Malofeyev. Officials said that Malofeyev used co-conspirators to secretly acquire media organizations across Europe in hopes of spreading pro-Russia propaganda.

A former CNBC and Fox News employee was arrested last month in London for working as a television producer for Malofeyev.

Previous sanctions had targeted other people close to Putin, including Alisher Usmanov, one of the wealthiest people in Russia, and Putin's press secretary, Dmitry Peskov.

The Justice Department recently announced the creation of a team of federal agents and prosecutors to pursue wealthy Russians or anyone else who aids Russia’s invasion of Ukraine or uses cryptocurrency to help Russia evade sanctions. The team, called Task Force Kleptocapture, was set up to seize assets belonging to oligarchs.

On Monday, in the Mediterranean port of Palma de Mallorca, U.S. agents and Spain’s Civil Guard seized a 254-foot (78-meter) yacht owned by an oligarch and Putin ally whom the Justice Department accuses of violating laws on bank fraud, money laundering and sanctions. A boating website called Superyachtfan.com valued the ship, called Tango, at $120 million.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP Business, AP Business - Economy, AP Business - Industries, AP Business - Utilities
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Dude Perfect trades irons for irreverence at the Masters
The home of the Masters is making an effort to reach a younger generation of golfers as the tournament nears its 100th birthday
3:30PM ( 5 minutes ago )
Miami’s crypto craze on full display at bitcoin conference
Thousands of cryptocurrency enthusiasts are gathering in Miami as the city builds its reputation as one of the key locations to develop the blockchain technology despite its underdog status
3:25PM ( 10 minutes ago )
The 6 lives lost in the Sacramento mass shooting
The six people who were killed during a mass shooting in California’s capital city are being mourned and honored by their friends and family
3:18PM ( 17 minutes ago )
Associated Press (AP)
Mariupol mayor puts the number of dead at over 5,000
The mayor of the besieged Ukrainian city of Mariupol says over 5,000 civilians have been killed during the monthlong Russian blockade
2:55PM ( 41 minutes ago )
EXPLAINER: Biden extends student loan freeze through August
The Biden administration has announced that federal student loan payments will remain paused through Aug. 31, extending a freeze that began in 2020 but was set to end after this month
2:54PM ( 41 minutes ago )
Ukraine braces for new Russian offensive in the east
The Kremlin is preparing for a new combat push in Ukraine as the country gathers its dead and collects evidence of alleged Russian atrocities
2:48PM ( 47 minutes ago )
AP Business
Russia to pay bonds in rubles, which may cause default
Russia says it made a debt payment in rubles this week, a move that may not be accepted by Russia’s foreign debtholders and could put the country on a path to an historic default
1:37PM ( 1 hour ago )
US targets Putin's daughters, Russian banks in new sanctions
The United States has announced new sanctions targeting Russian President Vladimir Putin’s two adult daughters and says it is toughening penalties against Russian banks in retaliation for “war crimes” in Ukraine
1:26PM ( 2 hours ago )
Germany seeks to boost renewable energy, cut Russian imports
The German government has presented a major package of reforms to boost the construction of renewable power as part of its efforts to meet its climate goals and become independent of energy imports from hostile nations such as Russia
12:49PM ( 2 hours ago )
AP Business - Economy
Supreme Court reinstates Trump-era water rule for now
The Supreme Court has reinstated for now a Trump-era rule that curtails the power of states and Native American tribes to block pipelines and other energy projects that can pollute rivers, streams and other waterways
12:01PM ( 3 hours ago )
Supreme Court reinstates Trump-era water rule, for now
The Supreme Court has reinstated for now a Trump-era rule that curtails the power of states and Native American tribes to block pipelines and other energy projects that can pollute rivers, streams and other waterways
11:49AM ( 3 hours ago )
Pope Francis kisses Ukrainian flag from 'martyred' Bucha
Pope Francis has kissed a battered Ukrainian flag that was brought to him from the Ukrainian city of Bucha and called again for an end to the war
10:07AM ( 5 hours ago )
AP Business - Industries
World stocks sink amid worries over US rate hikes, Russia
Global stocks and Wall Street futures have fallen after a Federal Reserve official’s comments fueled expectations of more aggressive U.S. rate hikes and the White House announced more sanctions on Russia
5:18AM ( 10 hours ago )
Live updates | China urges investigation into Bucha deaths
China says the reports and images of civilian deaths in the Ukrainian town of Bucha are “deeply disturbing” and is calling for an investigation
4:51AM ( 10 hours ago )
Live updates | Pope Francis kisses Ukrainian flag from Bucha
Pope Francis has kissed a battered Ukrainian flag that was brought to him from the Ukrainian city of Bucha and called again for an end to the war
4:19AM ( 11 hours ago )
AP Business - Utilities
Miami’s crypto craze on full display at bitcoin conference
Thousands of cryptocurrency enthusiasts are gathering in Miami as the city builds its reputation as one of the key locations to develop the blockchain technology despite its underdog status
3:25PM ( 10 minutes ago )
The 6 lives lost in the Sacramento mass shooting
The six people who were killed during a mass shooting in California’s capital city are being mourned and honored by their friends and family
3:18PM ( 17 minutes ago )
Stocks fall, yields rise as Fed details inflation efforts
Stocks fell and bond yields rose on Wall Street in afternoon trading Wednesday after details from last month’s Federal Reserve meeting showed the central bank intends to be aggressive in its efforts to fight inflation
3:16PM ( 19 minutes ago )
Democrats accuse oil companies of 'rip off' on gas prices
House Democrats are accusing oil companies of “ripping off the American people” and putting profits before production as Americans suffer from higher gasoline prices amid the war in Ukraine
3:06PM ( 30 minutes ago )
Police: At least 5 gunmen involved in Sacramento shooting
Police believe at least five shooters were involved in the mass shooting in downtown Sacramento last weekend and that it was gang-related violence
3:00PM ( 35 minutes ago )