New US and UK sanctions on Russia

New US and UK sanctions on Russia

The United States has imposed new sanctions on three Russian television stations and executives at Gazprom Bank. The sanctions were imposed on Sunday in the wake of the Russia-Ukraine war. At the same time, the United States has banned banking services for Russian citizens. The White House says the Russian television stations are under government control. News Reuters.

Russia invaded Ukraine on February 24. After that, the western countries started imposing sanctions on Russia one by one. The United States has said no sanctions were imposed on Russian President Vladimir Putin. The United States recently decided to impose such sanctions during a virtual meeting of G7 leaders with US President Joe Biden.

This is the first time the United States has imposed sanctions on Gazprom Bank executives. Europe is Russia’s main gas importer. The United States and its allies have repeatedly sought to avoid sanctions, fearing that gas supplies could be disrupted.

A senior Biden administration official said

We are not imposing a complete ban. I am not confiscating the assets of Gazprom Bank or prohibiting any kind of transaction. I am giving the signal that Gazprom Bank is not a 100% safe haven. So we are imposing sanctions on some of the top executives of the organization.

This time the bank owns one-third of the assets of the Russian banking sector. Eight executives of that bank have also been added to the sanctions list. In addition, Moscow Industrial Bank and its 10 subsidiaries have been banned.

Promotechnology, an arms company, along with seven shipping companies, has also been banned. The White House says the Nuclear Control Commission will also suspend Russia’s license to export special nuclear products.

UK sanctions

Meanwhile, the United Kingdom has imposed new sanctions on Russia and Belarus. The sanctions target a total trade volume of 1.8 billion euros. The decision was announced after a virtual meeting of G8 leaders with Ukrainian President Vladimir Zelensky recently.

“We are determined to weaken Putin’s illegal aggression in Ukraine and to thwart his goals,” said Ann Marie Trevelan, the UK’s secretary of international trade. This package of far-reaching sanctions will damage Russia’s arsenal.

Platinum and palladium are used to make mobile phones and computers. According to the country’s International Trade Fund, new import taxes will apply to platinum and palladium.

Chemicals, plastics, rubber and other equipments are going to face export ban. The price of these products will skyrocket due to the UK ban.

In this regard, the British Finance Minister Rishi Sunak said that Putin’s aggression in Ukraine is causing great suffering. This barbaric war must stop. He also said that the new sanctions on imports and exports would hurt Putin’s war efforts.

Many Western countries have already imposed sanctions on Russian banks, businesses and individuals in the wake of the Russia-Ukraine war. These restrictions are still in force. The UK has banned Russian banks from its financial system, confiscating many assets. In addition, thousands of international companies, including McDonald’s, Coca-Cola and Starbucks, have withdrawn from Russia.

Belarus President Alexander Lukashenko has said that Belarus was targeted by the British government for allegedly aiding and abetting the war in Ukraine.

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