By: Lee Henry Head
March 8th, 2022, 2:33 PM.
Considering recent military attacks and civilian deaths in Ukraine by illegitimate President Vladimir Putin, the West, rallied by President Biden, has begun an economic war with Russia.
The U.S. President and NATO (North Atlantic Treaty Organization) leaders hope to derail the Russian dictator’s advance through these economic sanctions and fervent Ukrainian support.
Ukrainian Support
The West initially authorized a freeze of Russian Central Bank assets. This effectively limits its ability to access and make use of almost $650 billion dollars in reserves. Some Russian banks have been removed from the Swift messaging system, a ban that will have extreme effects on payments relating to exports from Russian entities.
The West have also begun a campaign targeting financially abundant and corrupt Russian oligarchs that are close to Putin. The Russian President and Sergei Lavrov, his foreign minister, have also been personally sanctioned by Western leaders.
The U.S. continues to add to the list of billionaires and oligarchs who will be targeted as attacks in Ukraine continue.
NATO and The EU
Western Leaders have reduced the number of exports and products to Russia itself. The EU has banned the sale of aircraft and air equipment to Russian entities and commercial airlines.
The U.S. has joined other western countries in banning all Russian flights from its airspace. The UK has assured that all Russian banks will have their assets frozen.
Russian oil ban
Today, President Biden took another step towards condemning Putin’s attacks on Ukraine, effectively banning all imports of Russian oil, gas, and energy from the country.
Biden is quoted saying, “That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine.”
He also warned Americans may face potential consequences at the pumps, which he believes is a small price to pay for maintaining what he has coined, “Putin’s War.” Russia makes up for about eight percent of U.S. oil imports.
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