Major Sanctions Developments
U.S. Working on Package to Impose Sanctions Against Members of Russian Duma. The Biden administration is reportedly putting together a new sanctions package that will target over 300 lawmakers in Russia’s lower house of parliament, known as the State Duma. The administration is planning to announce the new measures on Thursday during President Joe Biden’s trip to Europe to meet with NATO allies. The United States and the European Union will also coordinate plans on further military assistance to Ukraine with members of the Group of Seven industrialized nations.
European Central Bank Chief Says Russia Attempts to Evade Sanctions Using Cryptocurrencies. Christine Lagarde, president of the European Central Bank, said the exchange of rubles into stablecoins and cryptocurrencies has seen a record increase since 2021. The United States and the European Union both have rolled out sweeping measures crippling Russia’s ability to transact using dollars and other international currencies, including penalties on major banks and restrictions on the country’s elite. Jonathan Levin, co-founder of blockchain-analytics firm Chainalysis, said that as of the previous week, there was no evidence of Russia or President Vladimir Putin using cryptocurrencies to evade international sanctions. Additionally, Nellie Liang, undersecretary for domestic finance at the U.S. Department of the Treasury, noted that transaction volume of digital assets has been too small to markedly help Moscow evade sanctions.
Sanctions Outlook
Lithuania Calls for EU Unity, Tougher Economic Sanctions on Russia. During a meeting of the EU Foreign Affairs Council, Lithuania’s Foreign Minister Gabrielius Landsbergis called on his European Union counterparts to be united in banning Russia’s gas and oil exports to deny the Putin regime the funding it needs to continue its military aggression. Landsbergis also urged the EU to adopt even broader individual and sectoral sanctions against Russia, arguing that countries “which will help Russia circumvent EU sanctions” should get a “clear message” that they too may face sanctions. During the meeting, foreign ministers also reviewed the existing sanctions on Russia and Belarus and options to further strengthen and employ them.
Official Says Canada to Target Russian Elites, Entities with New Economic Sanctions. Canadian Foreign Affairs Minister Melanie Joly announced that Canada will soon roll out a new round of sanctions against Russia. Speaking to reporters after addressing the Montreal Council on Foreign Relations, Joly said the economic restrictions will target Russian nationals and companies to further isolate the country. Canada has already implemented targeted sanctions against numerous prominent Russian elites and oligarchs including Roman Abramovich, Oleg Deripaska, Herman Gref, and Alisher Usmanov.
China Warns Against Russian Expulsion from G20. The Chinese government indicated that it would oppose suggestions from the US and Polish officials that Russia be expelled from the group of the world’s largest economies. Chinese Foreign Ministry spokesman Wang Wenbin told a news briefing that “No member has the right to remove another country as a member” and called Russia an “important member” of the G20.
French Multinationals Cut Ties with Russia.
