Economy – US, UK and EU establish sanctions against Vladimir Putin and Sergei Lavrov

First modification: 02/26/2022 – 04:50

The measure taken by a part of the Western countries is aimed at freezing the assets of both personalities in those countries.

Meanwhile, in the case of the United States, the sanction extends to a ban on entering the country, although the Russian president will be able to attend the United Nations headquarters in New York.

“The step we are taking, in alignment and coordination with the Europeans, sends a clear message about the strength of the opposition to President Putin’s actions and the direction in his leadership of the Russian military,” said Jen Psaki, spokeswoman for the House. White.

The European Union did not prohibit the entry of the Russian leader, nor his Foreign Minister, so that said sanction does not interfere with a possible dialogue.

“President Putin and his foreign minister Lavrov are on the list of sanctioned people along with the remaining members of the Duma who support this aggression,” said Josep Borrell, the European Union’s high representative for foreign affairs.

Canada backs Russia’s exit from Swift payment system

Contrary to what the White House expressed a few days ago, regarding the difficulties in excluding Russia from the Society for Worldwide Interbank and Financial Communications (Swift), Canadian Prime Minister Justin Trudeau indicated that he supports the exit. Russia’s system in order to hinder the financing of the invasion of Ukraine.

“Canada, the UK and other countries believe that Russia should be excluded from the SWIFT system and those discussions are continuing with European allies,” Trudeau said.

Boris Johnson, Prime Minister of the United Kingdom, supported the decision to exclude Russia from the payment system to “inflict maximum pain on President Putin and his regime.”

Will Russia be able to withstand the new round of sanctions?

According to some Western leaders, the sanctions against Russian financial institutions, personalities close to the Kremlin and members of the government are aimed at “suffocating the Russian financial system.”

Since 2014, when Russia annexed Crimea and the first Western sanctions against it became known, which among other things limited Russian exports, the government has developed a plan to prevent such actions from having a profound impact on the economy.

In this sense, Russia has established a lower dependence on the dollar, to the point of currently having 16% of foreign exchange in that currency against 40% five years ago, in addition to seeking new commercial fronts, many of them far from the West. and a new payment system.

In November 2014, the Russian Ministry of Finance acknowledged that the sanctions caused losses in the order of 40,000 million dollars a year for the country. But today, the country has international reserves with a value of 630,000 million dollars.

Europe and the need for Russian gas

The conflict has generated alarm among analysts because a part of Europe needs the import of Russian natural gas for energy production.

According to Eurostat, in 2020 Russia sent 153,000 million cubic meters of gas to the European Union, which represented 38% of the bloc’s imports.

Likewise, specialists are watching carefully that a cut in the supply of Russian gas could affect production and the process of economic recovery in the region.

The situation, additionally, occurs at a time when some European countries are migrating to greater use of gas to replace coal for energy production.

With EFE and Reuters

First modification: 02/26/2022 – 04:50

The measure taken by a part of the Western countries is aimed at freezing the assets of both personalities in those countries.

Meanwhile, in the case of the United States, the sanction extends to a ban on entering the country, although the Russian president will be able to attend the United Nations headquarters in New York.

“The step we are taking, in alignment and coordination with the Europeans, sends a clear message about the strength of the opposition to President Putin’s actions and the direction in his leadership of the Russian military,” said Jen Psaki, spokeswoman for the House. White.

The European Union did not prohibit the entry of the Russian leader, nor his Foreign Minister, so that said sanction does not interfere with a possible dialogue.

“President Putin and his foreign minister Lavrov are on the list of sanctioned people along with the remaining members of the Duma who support this aggression,” said Josep Borrell, the European Union’s high representative for foreign affairs.

Canada backs Russia’s exit from Swift payment system

Contrary to what the White House expressed a few days ago, regarding the difficulties in excluding Russia from the Society for Worldwide Interbank and Financial Communications (Swift), Canadian Prime Minister Justin Trudeau indicated that he supports the exit. Russia’s system in order to hinder the financing of the invasion of Ukraine.

“Canada, the UK and other countries believe that Russia should be excluded from the SWIFT system and those discussions are continuing with European allies,” Trudeau said.

Boris Johnson, Prime Minister of the United Kingdom, supported the decision to exclude Russia from the payment system to “inflict maximum pain on President Putin and his regime.”

Will Russia be able to withstand the new round of sanctions?

According to some Western leaders, the sanctions against Russian financial institutions, personalities close to the Kremlin and members of the government are aimed at “suffocating the Russian financial system.”

Since 2014, when Russia annexed Crimea and the first Western sanctions against it became known, which among other things limited Russian exports, the government has developed a plan to prevent such actions from having a profound impact on the economy.

In this sense, Russia has established a lower dependence on the dollar, to the point of currently having 16% of foreign exchange in that currency against 40% five years ago, in addition to seeking new commercial fronts, many of them far from the West. and a new payment system.

In November 2014, the Russian Ministry of Finance acknowledged that the sanctions caused losses in the order of 40,000 million dollars a year for the country. But today, the country has international reserves with a value of 630,000 million dollars.

Europe and the need for Russian gas

The conflict has generated alarm among analysts because a part of Europe needs the import of Russian natural gas for energy production.

According to Eurostat, in 2020 Russia sent 153,000 million cubic meters of gas to the European Union, which represented 38% of the bloc’s imports.

Likewise, specialists are watching carefully that a cut in the supply of Russian gas could affect production and the process of economic recovery in the region.

The situation, additionally, occurs at a time when some European countries are migrating to greater use of gas to replace coal for energy production.

With EFE and Reuters

First modification: 02/26/2022 – 04:50

The measure taken by a part of the Western countries is aimed at freezing the assets of both personalities in those countries.

Meanwhile, in the case of the United States, the sanction extends to a ban on entering the country, although the Russian president will be able to attend the United Nations headquarters in New York.

“The step we are taking, in alignment and coordination with the Europeans, sends a clear message about the strength of the opposition to President Putin’s actions and the direction in his leadership of the Russian military,” said Jen Psaki, spokeswoman for the House. White.

The European Union did not prohibit the entry of the Russian leader, nor his Foreign Minister, so that said sanction does not interfere with a possible dialogue.

“President Putin and his foreign minister Lavrov are on the list of sanctioned people along with the remaining members of the Duma who support this aggression,” said Josep Borrell, the European Union’s high representative for foreign affairs.

Canada backs Russia’s exit from Swift payment system

Contrary to what the White House expressed a few days ago, regarding the difficulties in excluding Russia from the Society for Worldwide Interbank and Financial Communications (Swift), Canadian Prime Minister Justin Trudeau indicated that he supports the exit. Russia’s system in order to hinder the financing of the invasion of Ukraine.

“Canada, the UK and other countries believe that Russia should be excluded from the SWIFT system and those discussions are continuing with European allies,” Trudeau said.

Boris Johnson, Prime Minister of the United Kingdom, supported the decision to exclude Russia from the payment system to “inflict maximum pain on President Putin and his regime.”

Will Russia be able to withstand the new round of sanctions?

According to some Western leaders, the sanctions against Russian financial institutions, personalities close to the Kremlin and members of the government are aimed at “suffocating the Russian financial system.”

Since 2014, when Russia annexed Crimea and the first Western sanctions against it became known, which among other things limited Russian exports, the government has developed a plan to prevent such actions from having a profound impact on the economy.

In this sense, Russia has established a lower dependence on the dollar, to the point of currently having 16% of foreign exchange in that currency against 40% five years ago, in addition to seeking new commercial fronts, many of them far from the West. and a new payment system.

In November 2014, the Russian Ministry of Finance acknowledged that the sanctions caused losses in the order of 40,000 million dollars a year for the country. But today, the country has international reserves with a value of 630,000 million dollars.

Europe and the need for Russian gas

The conflict has generated alarm among analysts because a part of Europe needs the import of Russian natural gas for energy production.

According to Eurostat, in 2020 Russia sent 153,000 million cubic meters of gas to the European Union, which represented 38% of the bloc’s imports.

Likewise, specialists are watching carefully that a cut in the supply of Russian gas could affect production and the process of economic recovery in the region.

The situation, additionally, occurs at a time when some European countries are migrating to greater use of gas to replace coal for energy production.

With EFE and Reuters

First modification: 02/26/2022 – 04:50

The measure taken by a part of the Western countries is aimed at freezing the assets of both personalities in those countries.

Meanwhile, in the case of the United States, the sanction extends to a ban on entering the country, although the Russian president will be able to attend the United Nations headquarters in New York.

“The step we are taking, in alignment and coordination with the Europeans, sends a clear message about the strength of the opposition to President Putin’s actions and the direction in his leadership of the Russian military,” said Jen Psaki, spokeswoman for the House. White.

The European Union did not prohibit the entry of the Russian leader, nor his Foreign Minister, so that said sanction does not interfere with a possible dialogue.

“President Putin and his foreign minister Lavrov are on the list of sanctioned people along with the remaining members of the Duma who support this aggression,” said Josep Borrell, the European Union’s high representative for foreign affairs.

Canada backs Russia’s exit from Swift payment system

Contrary to what the White House expressed a few days ago, regarding the difficulties in excluding Russia from the Society for Worldwide Interbank and Financial Communications (Swift), Canadian Prime Minister Justin Trudeau indicated that he supports the exit. Russia’s system in order to hinder the financing of the invasion of Ukraine.

“Canada, the UK and other countries believe that Russia should be excluded from the SWIFT system and those discussions are continuing with European allies,” Trudeau said.

Boris Johnson, Prime Minister of the United Kingdom, supported the decision to exclude Russia from the payment system to “inflict maximum pain on President Putin and his regime.”

Will Russia be able to withstand the new round of sanctions?

According to some Western leaders, the sanctions against Russian financial institutions, personalities close to the Kremlin and members of the government are aimed at “suffocating the Russian financial system.”

Since 2014, when Russia annexed Crimea and the first Western sanctions against it became known, which among other things limited Russian exports, the government has developed a plan to prevent such actions from having a profound impact on the economy.

In this sense, Russia has established a lower dependence on the dollar, to the point of currently having 16% of foreign exchange in that currency against 40% five years ago, in addition to seeking new commercial fronts, many of them far from the West. and a new payment system.

In November 2014, the Russian Ministry of Finance acknowledged that the sanctions caused losses in the order of 40,000 million dollars a year for the country. But today, the country has international reserves with a value of 630,000 million dollars.

Europe and the need for Russian gas

The conflict has generated alarm among analysts because a part of Europe needs the import of Russian natural gas for energy production.

According to Eurostat, in 2020 Russia sent 153,000 million cubic meters of gas to the European Union, which represented 38% of the bloc’s imports.

Likewise, specialists are watching carefully that a cut in the supply of Russian gas could affect production and the process of economic recovery in the region.

The situation, additionally, occurs at a time when some European countries are migrating to greater use of gas to replace coal for energy production.

With EFE and Reuters