US Angered by 'Civilian Massacre' Imposes Additional Sanctions Including 'Investment Ban'... Putin's Two Daughters Also Targeted

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] "Russia will pay a harsh and immediate price for the atrocities committed in Bucha."

Western countries including the United States, the Group of Seven (G7), and the European Union (EU) have strengthened sanctions against Russia following allegations of civilian massacres by Russian troops in Bucha, Ukraine.

On the 6th (local time), the White House announced in a press release, "The United States, together with the G7 and the EU, will impose immediate and severe economic consequences on Russia for the massacre in Bucha and other atrocities committed in Ukraine," unveiling additional financial sanctions including a ban on new investments in Russia.

With these sanctions, Sberbank, Russia's largest state-owned bank, and Alfa Bank, the largest private bank in Russia, will be completely cut off from the financial system. Their assets in the United States will be frozen, and transactions with U.S. persons will be prohibited. The plan is to increase the impact on Russia's financial sector by fully blocking Russia's largest banks. However, exceptions will apply to energy-related transactions. A U.S. administration official explained, "More than two-thirds of Russian banks are subject to full blocking," adding, "Their asset size was $1.4 trillion based on pre-invasion figures."

Furthermore, the ban on new investments in Russia, which had been limited to the energy sector, will be expanded to all sectors. Additionally, President Vladimir Putin's family, including his two daughters, will be included in the sanctions list. The sanctions list also includes key figures and their families such as Sergey Lavrov, Russia's Foreign Minister, his wife and daughter, Dmitry Medvedev, former President and Prime Minister and current Deputy Chairman of the Security Council, and Mikhail Mishustin, Russian Prime Minister. A U.S. official stated, "We believe a significant portion of President Putin's assets are hidden within his family," and added, "They have enjoyed wealth at the expense of the Russian people," explaining the rationale for the sanctions.

In addition, the United States said it is consulting with countries including China to prevent Russia from evading sanctions and to enhance their effectiveness. A U.S. official said, "We continue discussions with the Chinese government, including at senior levels, about the need to respect sanctions on Russia, including export controls," and added, "China has shown no public intention to violate these sanctions, and we are closely monitoring the situation."

The U.S. Treasury Department plans to announce an additional list of Russian state-owned enterprises subject to full sanctions on the 7th. Treasury Secretary Janet Yellen appeared at a House hearing that day and said, "Russia's invasion, including the massacre of civilians in Bucha, is condemnable and directly violates the rules-based international order," adding, "The Treasury Department promises to hold Russia accountable for its actions. Russia will not be able to enjoy the benefits of the international financial system." Previously, the U.S. blocked the repayment of dollar debts on Russian government accounts within U.S. financial institutions, and the day before, it also sanctioned Russian darknet market sites and cryptocurrency exchanges.

The U.S. Department of Justice also indicted Russian media tycoon Konstantin Malofeyev on charges of sanctions violations and cybercrime that day. This is the first indictment against a Russian oligarch since Russia's invasion of Ukraine.

President Joe Biden stated on his Twitter account, "We have made it clear that Russia will pay a harsh and immediate price for the atrocities committed in Bucha," and added, "Today, together with our allies and partners, we are announcing new sanctions that will completely paralyze (Russia)."

This content was produced with the assistance of AI translation services.