US, G7 & EU to continue to impose severe and immediate costs on Russia for its atrocities in Ukraine, says White House; check out new sanctions

The United States, with the G7 and the European Union, will continue to impose severe and immediate costs on Russia for its atrocities in Ukraine, including in Bucha, the White House said in a FACT SHEET on Wednesday.

As one part of this effort, the United States today announced "devastating economic measures" to ban new investment in Russia, and impose the most severe financial sanctions on Russia’s largest bank and several of its most critical state-owned enterprises and on Russian government officials and their family members, said the White House.

1. Full blocking sanctions on Russia’s largest financial institution, Sberbank, and Russia’s largest private bank, Alfa Bank.

The White House said this action will freeze any of Sberbank’s and Alfa Bank’s assets touching the U.S financial system and prohibit U.S. persons from doing business with them. Sberbank holds nearly one-third of the overall Russian banking sector’s assets and is systemically critical to the Russian economy. Alfa Bank is Russia’s largest privately-owned financial institution and Russia’s fourth largest financial institution overall

2. Prohibiting new investment in the Russian Federation

The White House said US President Joe Biden will sign a new Executive Order (E.O.) that includes a prohibition on new investment in Russia by U.S. persons wherever located, which will further isolate Russia from the global economy.

3. Full blocking sanctions on critical major Russian state-owned enterprises

The White House said this will prohibit any U.S. person from transacting with these entities and freeze any of their assets subject to U.S. jurisdiction, thereby damaging the Kremlin’s ability to use these entities it depends on to enable and fund its war in Ukraine.

4. Full blocking sanctions on Russian elites and their family members

Full blocking sanctions on Russian elites and their family members, including sanctions on President Putin’s adult children, Foreign Minister Lavrov’s wife and daughter, and members of Russia’s Security Council including former President and Prime Minister of Russia Dmitry Medvedev and Prime Minister Mikhail Mishustin.

Published on: Wednesday, April 06, 2022, 09:23 PM IST