(CNN) – The United States will announce new sanctions against Russia on Wednesday In the integration of the G7 countries And the European Union, according to Biden executive.
The official noted that the sweeping package would “impose significant costs on Russia and push it further down the path of economic, financial and technological isolation.”
The new sanctions package will ban all new investment in Russia, increase sanctions against financial institutions and state-owned enterprises in Russia, and allow Russian government officials and their relatives.
These new sanctions reflect the recent expansion of US and its allies’ efforts to impose costs on Russia following its invasion of Ukraine. Moreover, over time, it will attack the key economic sectors that the country uses to wage war. They come after the atrocities of Russian forces in northern Ukraine became known, and destructive images of bodies in Pucha have accelerated discussions between the United States and its European allies to boost economic activity, officials said.
“These actions will undermine key instruments of Russian state power, cause severe and immediate economic damage against Russia, and hold Russia’s responsible for funding and supporting Putin’s war,” said a U.S. official. “These actions will be taken in conjunction with our allies and partners in expressing our determination and solidarity to impose unprecedented costs on Russia against Ukraine.”
The official added: We have already decided Russia committed war crimes in Ukraine. And Pucha’s information Seems to show additional evidence of war crimes. As the President said, we will work with the nations of the world to ensure full accountability for these crimes. One of those tools is barriers. We are also actively working with our European allies on new sanctions.
Further sanctions on Russia
The expected sanctions come after the US Treasury Department announced that Russia would not allow it to repay its debt using dollars stored in US banks. While Washington has imposed sanctions on Russia’s central bank by freezing its foreign currency in US banks, the Treasury has allowed Russia to use those reserves to repay its debt.
This is a measure that officials say would significantly increase the risk of default. They also say it would undermine the central bank’s urgent efforts to prevent further bleeding into the Russian economy following the Western response to the invasion.
Since the Russian invasion of Ukraine began in late February, the United States and its allies have allowed hundreds of Russian elites and lawmakers. They have restricted access to Western technology, which is important for the country’s security and technology sectors, halved half of Russia’s foreign reserves, and suspended certain Russian banks from the SWIFT banking network. The United States has also banned Russia’s imports of oil, natural gas and other energy products.
While the intensity and speed of Western sanctions against Russia are unprecedented, there are key exceptions as US officials continue to monitor US and European supply chains and seek to contain the impact of sanctions on Western economies.
CNN released the news last weekend Russia is facing a deep recession and high inflation, and sanctions are pushing the country into an increasingly closed economy. U.S. officials believe the Kremlin will struggle to achieve this, as it has long relied on the sale of raw materials to buy sophisticated equipment and consumer goods.