Russia-Ukraine War: What are the latest sanctions against Moscow and how will they hurt Russian economy
Zee News
The White House has announced additional financial sanctions Thursday aimed at people in President Vladimir Putin's inner circle, and the State Department said it was imposing travel bans on 19 Russian oligarchs and dozens of their family members and associates.
MOSCOW: The United States and European allies are stepping up sanctions to make Russia pay for invading Ukraine and while the penalties are hurting Russia's economy, they have failed so far to stop the fighting.
The White House announced additional financial sanctions Thursday aimed at people in President Vladimir Putin's inner circle, and the State Department said it was imposing travel bans on 19 Russian oligarchs and dozens of their family members and associates.
Earlier this week, the White House announced new sanctions against Russia and its ally, Belarus, including export controls aimed at Russia's oil refiners. The US joined Europe and Canada in closing its airspace to Russian airlines. And the Justice Department announced a new initiative to go after Russian oligarchs.
The ratcheting up of sanctions has had a surprisingly quick effect. The Ruble has dropped sharply and inflation is on the rise, creating new anxiety for Russian consumers, not just the oligarchs targeted in early measures. A pullout of foreign companies has caused car factories in Russia to shut down, and Boeing and Airbus have stopped supplying parts and services to Russian airlines.
Russia's economy is less than one-tenth the size of the US economy, only half as big as California's alone, and economists believe it will shrink further, a fate incongruous with Russia's standing as the world's second-leading nuclear power.
