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US, Canada, EU announce economic sanctions against Russia, ‘independent’ states

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  • Warn of more sanctions against Russia in coming days if it continues its action against Ukraine

Ottawa: The tension between Russia and Ukraine continues to escalate with each passing day. While the former may have denied plans to invade Ukraine, its lawmakers on Tuesday authorised President Vladimir Putin to use military force outside the country, a day after the country recognised two separatist regions of Ukraine as independent.

In view of the aggressive stand, the United States, Canada, the European Union and allies have issued sanctions against Russia and the “so-called independent states”.

 

Allies unite

US President Joe Biden announced “the first tranche of sanctions to impose costs on Russia in response to their actions yesterday,” referring to the recognition to the rebel-backed states. He also warned of escalating sanctions against Russia if it continues to escalate its action.

US has fully blocked financial institutions VEB and the Russian military bank. It has also cut off the Putin government from Western financing and banned it from trading in its new debt on US markets.

Sanctions will also be imposed on the country’s “elites and their family members” as they “share in the corrupt gains of the Kremlin politics and should share the pain as well”, Biden said.

Canadian Prime Minister Justin Trudeau announced the first round of economic sanctions on Russia.

All Canadians will be prohibited from doing financial dealings with the so-called independent states of Luhansk and Donetsk, he said.

Trudeau added that Canada would also sanction members of the Russian parliament who “voted for the illegal decision to recognise these so-called republics”.

Additional sanctions will be imposed on two state-backed Russian banks and prevent any financial dealings with them.

Trudeau has authorised a deployment of up to 450 members of the Canadian armed forces to operation reassurance.

The European Union announced sanctions against Russia, directly targeting individuals and companies. It has limited Russia’s ability to raise capital on the EU’s financial markets.

“We will make it as difficult as possible for the Kremlin to pursue its aggressive actions,” said European Commission president Ursula von der Leyen.

Germany has halted the work on Nord Stream 2, a pipeline project under the Baltic Sea that will supply Russian gas to Germany.

On Wednesday, Japan PM Fumio Kishida said his government was imposing sanctions against Russia.

These include banning issuance of Russian bonds in Japan, freezing of assets of certain individuals and restriction on travel to Japan.

He added that details of the sanctions would be worked out in coming days.

 

 

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