US, allies to ban new investments in Russia

WASHINGTON – The United States, in coordination with the EU and the Group of 7 nations, will on Wednesday impose new sanctions on Russia – including an investment freeze – in response to evidence of war crimes in Ukraine, according to a senior administration official.

Measures taken against Russia include a ban on all new investment in the country, tougher sanctions on its financial institutions and state-owned companies, and sanctions on government officials and their family members. The official insisted on anonymity to discuss the upcoming announcement.

President Joe Biden and US allies have worked together to impose a crippling economic penalty on Russia for invading Ukraine more than a month ago, including freezing central bank assets, export controls and confiscating property, including yachts, owned by Russia wealthy elite. However, calls for tougher sanctions have escalated this week in response to the attacks, killings and destruction in the Ukrainian city of Bucha.

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The official said the sanctions would further fuel Russia’s economic, financial and technological “isolation” from the rest of the world as punishment for its attacks on civilians in Ukraine.

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https://www.local10.com/news/politics/2022/04/05/us-official-us-allies-to-ban-new-investments-in-russia/ US, allies to ban new investments in Russia

Jaclyn Diaz

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