The White House is readying a raft of new sanctions and export controls to impose on Russia, as the war in Ukraine turns one year old, according to Bloomberg. The coming new penalties are said to be focused on targeting key Russian industries as well as so called sanctions circumvention or business conducted with Russian firms by individuals based in third countries.
The measures are looking to target Russian financial institutions, as well as the energy and defense sectors, people familiar with the new sanctions package told the outlet. The EU seeks to approve a new set of measures next week and is considering forcing banks to report Russian assets they hold as well.
Last week, Swedish Prime Minister Ulf Kristersson said the bloc is looking to form a group to identify frozen Russian funds, which will be used to pay for the reconstruction of Ukraine, an unprecedented step. Kristersson said “[t]he mandate is to contribute to mapping which funds have been frozen in the European Union … and secondly how to legally proceed to access those funds.”
The Bloomberg report said that the EU package aims to target Iranian entities as well which are accused of providing drones and other military goods to Russia. However, Tehran has repeatedly stated that it stopped providing drones to Russia after the war in Ukraine was launched.
Additionally, the EU measures are said to be eyeing “extensive trade controls on other goods used by Russia’s military, including technologies, components, heavy vehicles, electronics, and rare-earths.”
The Bloomberg report says the Group of Seven nations and the EU intend to boost cooperation in the economic war against Russia, with a renewed focus on “enforcement of existing restrictions, including compelling nations that haven’t adopted the measures as well as companies meant to implement the measures.”
These new efforts come as more evidence mounts that the US led sanctions blitz against Moscow has failed. Russia has overtaken Saudi Arabia as China’s top crude supplier, India’s imports of Russian oil are 33 times higher than they were a year ago, and Russia’s oil exports last month were higher than at any time during 2021.
Treasury Secretary Janet Yellen promised Russia was isolated and the ruble was “in a free fall.” Though, as Forbes reported last year, “[e]ven after crashing following Russia’s invasion of Ukraine in February, the ruble is one of the best-performing currencies against the dollar in 2022, gaining nearly 30%in value year-to-date.”
Connor Freeman is the assistant editor and a writer at the Libertarian Institute, primarily covering foreign policy. He is a co-host on the Conflicts of Interest podcast. His writing has been featured in media outlets such as Antiwar.com, Counterpunch, and the Ron Paul Institute for Peace and Prosperity. He has also appeared on Liberty Weekly, Around the Empire, and Parallax Views. You can follow him on Twitter @FreemansMind96.
Can’t wait to sanction ourselves into even higher inflation. I just love, LOVE my grocery and utility bills increasing by double digits.
Sunak told, NATO must double down. Wait and you will see more of the same.
Egg prices here in So Cal are out of sight.
and gasoline and natural gas
Under our Constitution, sanctions are illegal.
Creators.com:https://www.creators.com/read/judge-napolitano/03/22/sanctions-on-russia-violate-the-constitution
They should just come out and say that it’s sanctions against Americans.
Maybe they will do it in due course. At the moment they are busy with the industrial devastation of EU.
Of course the sancti0ns on Russia are really helping Europe{sic} they have found ways arounf them as do other places/ What is happening in the US as we have increasing inflation and more poverty and homeless every day. is a crime against the working class and people of color. There is little or no profit to be had doing anything worthwhile for our citizens as compared with the humongous sums available to war merchants of death.
It’s all about enhancing the wealth of the so called 1%. Through the MIC and whatever spoils of war come out of it. You can be sure that almost none of those benefits are going to ordinary people.
Nailed it !!!
Garland Nixon: “THE US EMPIRE PLOTS ITS OWN DESTRUCTION.”
Sanction nation at it again. No wonder countries want to ditch the dollar as quickly as possible.
It serms that Neocons want to defy gravity. If Jenet Yelen declares that Russia is isolated, or ruble in free fall — it is as if a Goddess has spoken and so shall it be.
Reity does not matter to these pompous fools. One almost never hears if tge role Turkey plsys in providing gas wnd oil to markets, even though it is clear that it comes from Russia. It goes from Russia to Azerbaijan. then Turkey. Turkey’s finances look very bealthy after West didveverything to crush its currency and chike off US or Euro denominsted debt. Nowdays it is all in Yuan, indian Ruppee , Ruble, Brazilian Real. And no country can be forced to disclose their capial inflows, and definitely not in foreign currenciex. Turkey’s import from China balooned, and export to Russia quadruppled.
US has zero control or leverage over the entities or goids it plans to sanction. Rare earth? Russia has them, others want them — try to stop it! And what about India, importing Russia’s oil, refining and selling higher end products at competitive prices. Poor Russia forced to sell at “deep discounts” is in reality just passing on the prices once reserved for long term cintracts with Western countries — nothing less, For most countries that is a dream come true — while to Russia it is a zero budget impact. Cintrary to Wstern prejudices, the rest of the world is looking for the opportunities to develop, produce, trade. Energy products not needed by the West are now fueling growth around globe.
Let US try to impede India, China, Turkey or others in fueling their growth! The linger sanctions last the more permanent this redirection of energy will become. And what is now a windfall, will become a permanent global realignment.
Tge impression has been mmade constantly that Russia needs Western technoligy. This is a delusionn. Russia does not produce a number of products as it was seduced by global trends as well — importing instead of producing, But it has a world wide suppliers, and no need for Made in the West,
These are delusions, and the real harm comes from such deluded thinking, Pressure oon other countries to sacrifice their bread to please our whims, is not sitting well around the world, Majority of countries treat the conflict as an unresolved issue stemming from Soviet breakup. and see Ukraine as too willing to be used by NATO as a proxy instead of trying to address the root of the problem with Russia. Ourr media is too deep into propaganda to notice how vacuous it sounds and how propagandistic are its tools of trade.
More sanctions are accomplishing only one thing — creating a badly needed adrenaline rush, as news of battles are sparse, and Ukraine is running out ofvsoldiers.
But here we have West at irs best! UK rounded up Ukrainian male refugees as well as Ukrainian passport holders — about 29,000, and is training them for Ukrsinian front! Looks other Western countries will follow.
Yes, it only makes sense when I look at this as a hybrid war of military might plus economic might. The US has waged economic war on any number of countries during my life — I remember Chile most clearly because Kissinger was open about strangling the economy there. It’s a regular part of the CIA regime-change formula.
Logically, the US should recognize that its sanctions against Russia have already failed spectacularly. But it seems as though the State Department has no better ideas and no other tools.
Propaganda tools, sure, but those work best at home. I don’t see any color revolutions happening soon, as Russia has learned how to stay ahead of them.
4% of the world’s population is not going to dictate to or control the other 96%, nor is it going to economically strangle the largest country on Earth, and trying to do the impossible is only going to accelerate the inevitable. Makes you wonder if the neocons are shorting the dollar.
Yeah, these
acts of warsanctions have worked so well so far.Not all that unprecedented – The Trumpus admin proposed to mine Afghanistans rare earth minerals in order to pay for having bombed them back to the stone age.
If anything there should be a large number of Middle Eastern/ African nations suing the US for damages sustained during it’s lie based response to the 9-11 false flag event.
Perhaps there’s also a case for a class action against the US government by its citizens – after all their government lied to them while diverting many trillions to the privately owned MIC while well over 21 trillion has never been accountaed for by the extremely wasteful Pentagone.
From my understanding the enemy is within, think of the Neocons as the Trojan horse.
However before any real positive change is able to occur – the uniformed need to change sides they also might need reminding of the oath they they’re under as they’re not required to follow unjust orders.
It’s more like a gangster situation, like how the drug cartels rule their fiefdom. They have all the guns and goons.
Sanctions have failed so the best the yanks can come up with is more sanctions , compelling other nations ? , translated do as we say or ELSE.
Otherwise called the “Make More Enemies Program”.
Stupid Emerikans. Snake eating it’s own tail.
Sanctions….. one trick pony of American diplomacy. Next, call Russia a terrorist state.
The White House and the EU must be getting desperate because they continue to believe that they are going to Huff and Puff and Blow Russia’s house down.
It’s beginning to sound as if the G7 and the EU are admitting that their sanctions are acts of war. Evidently, they still don’t comprehend that what they are doing will 𝐬𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧 BRICS.
I think Yellen is doing what she’s told because she knows better. The IMF recently forecast that Russia’s economy with 𝐠𝐫𝐨𝐰 in 2023. Perhaps she plans to retire after she steps down. So, it won’t matter that her comments about the Ruble and price-caps are casting serious doubt upon her credibility.
Washington Plans Fresh Sanctions on US, Key Industries Targeted