The US is imposing what it describes as “swift and severe costs” on Russia, including sanctions on a number the Biden administration says are key to Russia’s economy, after President Vladimir Putin announced the annexation of areas of Ukraine following what the West characterizes “virtual referendums”.
Putin signed documents on Friday to formally begin the process of annexing four regions of Ukraine during a Kremlin ceremony, a clear violation of international law amid Russia’s invasion of Ukraine that began seven months ago.
In response, the US announces sanctions in coordination with its G7 allies.
The US, a Biden administration official said, is “additionally targeting Russian government officials and leaders, their family members, Russian and Belarusian military officials, and defense procurement networks, including international suppliers that support Russia’s military-industrial complex” through announcements from the Ministries Ministry of Finance, Trade and State.
That includes Treasury sanctions on a key player in keeping the Russian economy afloat: Elvira Nabiullina, an economist who has led Russia’s central bank since 2013.
President Joe Biden strongly condemned Russia’s annexation of Ukrainian territory in a statement on Friday.
“The United States condemns Russia’s fraudulent attempt today to annex sovereign Ukrainian territory. Russia is violating international law, violating the United Nations Charter and showing its contempt for peaceful nations everywhere,” Biden said, adding that these actions “have no legitimacy” and will continue to “always respect internationally recognized borders.” of Ukraine”.
He also urged “all members of the international community to reject Russia’s illegal annexation efforts and stand by the people of Ukraine for as long as necessary.”
Secretary of State Anthony Blinken said Friday that “the United States categorically rejects Russia’s fraudulent attempt to change Ukraine’s internationally recognized borders.”
“We will continue strong, concerted efforts by the United States to hold Russia accountable, cut off Russia’s military from global trade, and severely limit its ability to sustain its aggression and project its power,” he said.
Putin has spent years building up his defenses, amassing hundreds of billions in foreign reserves, bringing much of Russia’s industrial base under state control and selling Russia’s vast energy resources to the world. US officials grudgingly admit that Nabiullina has done an effective job of managing Russia in this initial phase of sanctions, as she did in 2014 after Putin’s annexation of Crimea prompted a much less severe round of Western sanctions.
This time, Nabiullina deftly raised interest rates, imposed capital controls and looked for loopholes and solutions to float an economy under siege.
“A good central banker can do things to strengthen the currency,” a senior US official said earlier this year. “They have a very good central banker. We knew it then. we know it now.”
Among Biden administration officials, Nabiulina is considered perhaps the most effective of all Putin’s top lieutenants.
The US also sanctions relatives of Russian National Security Council members, visa restrictions on Ochur-Suge Mongush for human rights abuses, sanctions on 14 international suppliers to Russia’s military supply chains, and adds 57 new entities to the Commerce Entity List for export controls, officials said. In addition, Blinken announced that the State Department is imposing visa restrictions “on 910 individuals, including members of the military of the Russian Federation, Belarusian military officials and representatives of Russia for violating the sovereignty, territorial integrity and political independence of Ukraine.”
And the US is warning, the official said, that “there will be costs for any person, entity or country that provides political or financial support to Russia as a result of its illegal efforts to change the status of Ukrainian territory,” including “increased sanctions and risks export controls’ for individuals or entities that do so.
National Security Adviser Jake Sullivan will join Press Secretary Karine Jean-Pierre to outline additional details on the new moves later Friday afternoon. Jean-Pierre has previously warned that the US “will rally global opposition to Russia’s annexation efforts, including at the United Nations.”
