Dubai, United Arab Emirates (CNN) – Russian President Vladimir Putin has announced sanctions on Russia following the recognition of two separatist areas in eastern Ukraine, Konetsk and Luhansk, by US President Joe Biden. Russian invasion of Ukraine. “
According to a US State Department report, Biden’s announcement of a breakdown in sanctions is as follows:
1- Sanctions on two major Russian financial institutions. The Secretary of the Treasury will impose full sanctions on the Kremlin and the Russian military, two major Russian state-owned financial institutions that provide vital basic services for financing Vnesheconombank and Promsvyazbank and their subsidiaries. The two foundations and their subsidiaries together have assets of more than $ 80 billion and fund Russia’s defense and economic development. As a result of today’s actions, their assets in the United States will be frozen, US individuals and companies will be barred from making any transactions with them, and they will be isolated from the global financial system and they will have access to the US dollar. Will be denied.
2- Extended ban on sovereign debt restricting US individuals and companies from participating in secondary markets for new loans provided by the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation and the Russian Ministry of Finance. Federation. One consequence of this embargo would be to isolate the Russian government from a major means of raising capital to finance its priorities, increase future financial costs and deny Russia access to key US markets and investors.
3- Absolute ban on sanctions against five Russian elites and their family members: Alexander Portnikov (and his son Denis), Sergei Kryenko (and his son Vladimir), and Peter Brodkov, CEO of BromswiSbank. These individuals and their relatives directly benefit from their contacts with the Kremlin. It warned that further action would be taken against other Russian elites and their families.
The statement added that the Secretary of the Treasury would clarify today that any organization in the financial services sector of the Russian Federation economy could be subjected to further sanctions. Globally, more than 80% of Russia’s daily foreign exchange transactions are conducted in US dollars and half of international trade is handled, and today’s action will not exempt any Russian financial institution, including the largest banks, from our operations. “
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