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US, EU step up sanctions against Russia
Ukraine plans third round of Russia talks this weekend; Russia parliament adopts new legislation to offset sanctions.
US President Joe Biden on Thursday announced a fresh set of sanctions against Russian individuals and entities, asserting that the country’s interest is in maintaining the “strongest unified economic impact campaign” against Russian President Vladimir Putin.
As a result, in addition to the financial and export control sanctions already imposed on Russia, secretary of state Antony Blinken announced a fresh set of five measures. First, new sanctions targeted additional “Russian elites and their financial networks and assets” – who Blinken claimed were a Putin’s “inner circle” and had “facilitated Putin’s war of choice”.
Second, the US sanctioned “major Russian disinformation outlets that contribute to the destabilisation of Ukraine” - particularly those backed by Russian intelligence services.
Third, the US imposed sanctioned on 22 Russian defence related firms. Blinken said these sanctions struck at the “core of Putin’s war machine”.
Fourth, the US also imposed “export controls on oil and gas extraction equipment” that support Russia’s refining capacity.
“Because a significant portion of the Russian government’s revenue comes from the sale of oil and gas, these actions will degrade Russia’s ability to raise revenue to support and sustain its military aggression,” Blinken said.
And finally, the US also announced a “new visa restriction policy” to block visas to 19 Russian oligarchs and 47 of their family members and close associates. Blinken said, “These oligarchs are known to direct, authorise, fund, significantly support or carry out malign activities in support of Russia’s destabilising foreign policy,” adding that US will continue to add names to the list.
“We continue to impose severe economic sanctions on Putin and all those folks around him, choking off access to technology as well as cutting off access to the global financial system. It has had a profound impact already,” Biden said.
He also said that along with Quad partners, the US would continue to support Ukraine with direct assistance.
Meanwhile. European Union officials are examining curbing Russia’s influence and access to finance at the International Monetary Fund following its invasion of Ukraine, officials told Reuters. One option under consideration is to remove Russia entirely from the institution that acts as a lender of last resort, officials said, though some noted that would prove difficult if not impossible.
“There is a discussion, but kicking Russia out entirely is probably unrealistic because of required quora,” one senior euro zone official said, referring to the wide support needed among countries that include China.
Other options being examined include the suspension of Russia’s voting rights as well as blocking its access to a special IMF currency, the Special Drawing Rights, the officials said.
Meanwhile. Russia’s parliament on Friday approved legislation aimed at countering the effects of sweeping Western sanctions on the country’s economy imposed after Moscow’s invasion of Ukraine.
The package of bills aims at “defending the economy and citizens in the face of foreign sanctions,” according to the website of the State Duma, the Russian parliament’s lower house.
The legislation approved on Friday, allows among other things, the government to raise pensions and the minimum wage. A moratorium on inspections of small and medium-sized businesses may also be introduced for 2022, and until the end of 2024 for IT companies.
Third round of talks
Ukraine plans to hold a third round of talks this weekend with Russian officials to try to end the fighting triggered by Moscow’s invasion, one of Kyiv’s negotiators said on Friday.
“The third leg could take place tomorrow or the day after, we are in constant contact,” Ukrainian presidential adviser Mykhailo Podolyak said.
Podolyak, speaking in the Western city of Lviv, said Kyiv was just waiting for a response from President Vladimir Putin’s Kremlin to confirm the timing of the talks. But in Berlin, Chancellor Olaf Scholz’s office said the German leader had spoken to Putin on a call and had been assured that the negotiations would resume over the weekend.
Two previous meetings held on the Belarus-Ukraine border failed to halt the fighting, but the sides have agreed in principle to at least allow humanitarian corridors for civilians to escape.
India abstains on vote
Russia appeared more isolated than ever following a historic vote at the UN Human Rights Council on Friday to launch an investigation into violations committed in Ukraine war.
Thirty-two of the council’s 47 members voted to establish the highest-level probe possible, in a bid to hold perpetrators responsible. Only Russia itself and Eritrea voted against, while 13 countries abstained, including India, China, Pakistan, Sudan and Venezuela. UN has said 331 civilians have been killed and 675 injured in Ukraine since February 24.
