play_arrow

keyboard_arrow_right

skip_previous play_arrow skip_next
00:00 00:00
playlist_play chevron_left
chevron_left
  • cover play_arrow

    Atlantic 195 Atlantic 195

News

Ukraine Crisis: What Happens Next for the Rest of the World?

todayFebruary 24, 2022

Background
share close

Administration officials have studied how sanctions would affect each of the big banks, including Sberbank and VTB, Russia’s two largest banks. Sberbank has about a third of the assets in the country’s banking sector, and VTB has more than 15 percent. Some experts are skeptical that the administration would put those two banks on the S.D.N. list for fear of the consequences for the Russian and global economies. For now, U.S. officials are not ready to cut off all Russian banks from Swift, the important Belgian money transfer system used by more than 11,000 financial institutions worldwide.

The Treasury Department has other sanctions lists that would impose costs while inflicting less widespread suffering. For example, it could put a bank on a list that prevents it from doing any transactions involving dollars. Many international commercial transactions are done in U.S. dollars, the currency that underpins the global economy.

The Treasury Department is also expected to put more Russian officials, businesspeople and companies on the sanctions lists.

By Thursday afternoon in Russia, the nation’s stock market had fallen nearly 40 percent.

The Commerce Department has been making plans to restrict the export of certain American technologies to Russia, a tactic that the Trump administration used to hobble Huawei, the Chinese telecommunications company. The controls would damage the supply chain for some Russian sectors. U.S. officials said their targets included the defense industry and the oil and gas industry.

European officials are expected to announce sanctions similar to many of the ones planned by the United States, as they did this week. However, they have been more wary of imposing the harshest sanctions because of the continent’s robust trade with Russia.

Although Mr. Biden has said he will contemplate any possible sanctions, U.S. officials for now do not plan big disruptions to Russia’s energy exports, which are the pillar of the country’s economy. Europe relies on the products, and surging oil prices worldwide would cause greater inflation and more problems for politicians. However, Germany announces this week that it would not certify Nord Stream 2, a new natural gas pipeline that connects Russia and Western Europe. On Wednesday Mr. Biden announced sanctions on a subsidiary of Gazprom, the large Russian energy company, which built the pipeline and had planned to operate it.

“We have been frank, we have been candid with the American people that our measures — the measures we have and are prepared to impose on the Russian Federation — certainly won’t be cost-free for the Russian Federation,” Ned Price, the State Department spokesman, said on Wednesday. “But they won’t be entirely cost-free for the rest of the world as well.”

Original story from https://www.nytimes.com

Written by: admin

Rate it

Previous post

News

Pentagon Offers Grim Assessment of Early Stages of Russian Invasion

Russian military forces are moving to decapitate the Ukrainian government in Kyiv, the Pentagon said on Thursday, in a grim assessment of the first stages of President Vladimir Putin’s invasion of Ukraine.A senior Defense Department official said that three lines of Russian troops and military forces were moving swiftly toward Ukrainian cities, with two of them headed toward Kyiv, the capital, and the government of President Volodymyr Zelensky. The forces […]

todayFebruary 24, 2022 1


Similar posts

News

Wealthy Russian businessman arrested in London on suspicion of multiple offenses

CNN  —  A wealthy Russian businessman has been arrested as part of a “major operation” on suspicion of multiple offenses, the United Kingdom’s National Crime Agency said in a statement Saturday. The 58-year-old man was arrested Thursday at his “multi-million-pound residence in London by officers from the NCA’s Combatting Kleptocracy […]

todayDecember 4, 2022 1


0%