Stock Groups

U.S. to announce sanctions against Russia Tuesday in coordination with allies -Breaking

[ad_1]

© Reuters. U.S. U.S. Ambassador Linda Thomas-Greenfield addresses the UN Security Council after Russia has recognized two regions of eastern Ukraine as separate entities. This was in New York City on February 21st, 2022. REUTERS/Carlo Allegri

By Jeff Mason and Michelle Nichols

WASHINGTON/UNITED NATIONS – The United States has begun to coordinate with its allies. It will issue new sanctions against Russia Tuesday following Moscow’s recognition of two separatist regions in Ukraine, and sending “peacekeeping force” troops there.

U.S. Linda Thomas Greenfield, Ambassador to United Nations said this after U.N. Security Council meetings on Monday night.

“We are able, willing, and required to stand united in our demands for Russia to withdraw their forces and return to the diplomatic forum to reach peace.

Russian President Vladimir Putin recognized Monday two independent regions in Ukraine and instructed Russia’s Defense Ministry to send troops to the regions “keep peace.” This would increase tensions with the West regarding Ukraine.

Officials from the Biden administration said that Putin’s actions did not result in a wide array of sanctions being imposed by the United States. This was because Russia had already deployed troops to the area.

In response, the White House issued separate and less harsher sanctions.

Jen Psaki from White House spokeswoman said that President Joe Biden’s executive order would prohibit new investment, trade, financing, and trading by U.S. citizens to, from or within the so-called DNR, LNR, regions of Ukraine. This is a reference to the self-proclaimed Donetsk People’s Republic (or Lugansk People’s Republic).

Psaki indicated that Tuesday would see additional steps. A spokesperson from the White House said that those measures would target Russia.

Reuters couldn’t determine which export sanctions would be issued on Tuesday. However, the Biden administration prepared an initial set of sanctions that prohibits the United States from processing any transactions with major Russian banks.

This measure is designed to damage the Russian economy. It cuts the “correspondent bank” relationships between selected Russian banks and U.S. banking institutions that facilitate international payments.

The United States will be able to use the most potent sanctioning tool against Russian people and businesses by placing them onto the Specially Designated Nationals list. They effectively kick them out the U.S. bank system and ban their American trade.

Biden’s administration will spare ordinary Russians the brunt U.S. Export Controls if Russia invades Ukraine. Instead, it will focus on industrial sectors, according to a White House official in January. Peter Harrell from the White House National Security Council stated that sanctions will be applied to “key individuals” in an address in Massachusetts.

The package could include export control measures, but they would not likely have the same immediate impact and “degrade Russia’s ability to produce industrial goods in some key sectors.”

Harrell didn’t detail these sectors but White House officials mentioned them.

[ad_2]