By Sarah Newton-John • 25 February 2023 • 7:29
The White House/Shutterstock Images
Treasury Secretary Janet Yellen said in a written statement, “Our sanctions have had both short-term and long-term impact, seen acutely in Russia’s struggle to replenish its weapons and in its isolated economy … our actions today with our G7 partners show that we will stand with Ukraine for as long as it takes.”
Named in yesterday’s sanctions package are a dozen more financial institutions, including Russia’s largest public non-state bank, importers of microelectronics and producers of carbon fiber a key material for defense systems.
Russia is the most sanctioned nation in the world, with more than 30 countries representing more than half the world’s economy imposing sanctions in response to Russia’s invasion of Ukraine. Roughly 2,500 Russian firms, government officials, oligarchs and their families have been sanctioned by the West.
They have imposed price caps on Russian oil and diesel, frozen Russian Central Bank funds and restricted access to SWIFT, the main system for international financial transactions.
Britain’s treasury chief, Jeremy Hunt said at the G-20 meetings Friday, “We don’t think the job is by any means done.” French Finance Minister Bruno Le Marie said, “Our sanctions are strong, they are efficient, they are hitting and reducing all revenues of Russia. They are disorganizing Russian industry, undermining war efforts.”
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