The White House announced over the weekend further sanctions on Russia, saying that along with the European Commission, it will be disconnecting some Russian banks from SWIFT and are “imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions.”
“This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally,” the White House said in a statement. The US and partner nations are also limiting the sale of “golden passports” and in the coming weeks will launch a transatlantic task force “that will ensure the effective implementation of our financial sanctions by identifying and freezing the assets of sanctioned individuals and companies that exist within our jurisdictions” and will “step up” coordination against disinformation and “other forms of hybrid warfare.”
A senior administration official said that this move to sanction the central bank will show that Russia’s defense of claiming that sanctions don’t hurt their economy “is a myth.”
“The 600 billion+ war chest of Russia’s foreign reserves is only powerful if Putin can use it. And without being able to buy the ruble from Western financial institutions, for example, Putin and the central bank will lose the ability to offset the impact of our sanctions. The ruble will fall even further, inflation will spike, and the central bank will be left defenseless.”
On Sunday, Japan announced it too would join the United States and other allies in the sanctions, a move praised by the White House. Press secretary Jen Psaki said in a written statement that the U.S. welcomed Japan’s announcement, and she praised Japan for being “leaders in condemning President Putin’s attack on Ukraine.”
Source-ABC
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