America says that because of these new sanctions, Russia will face economic difficulties in continuing the war against Ukraine. archive photo
The United States and Japan announced new sanctions against Russia on Friday over the war in Ukraine. According to the US State Department, America has interdicted more than 180 ships as well as more than 200 Russian companies and individuals. Apart from this, two Indian companies Skyheart Management Services and Envision Management Services have also been banned.
The Biden administration claims that these Indian companies had transported LNG from Russia, which is a violation of US sanctions.
Japan has also frozen the assets of many Russian citizens and companies. In addition, Japan also announced sanctions against many such organizations that helped Russia evade previously imposed sanctions.
Crude oil prices increased by 3% due to US sanctions. On Friday, the price of crude oil in the international market exceeded $80 per barrel. Due to these restrictions, India and China may now have difficulty importing oil from Russia.
Russia’s attempt to reduce revenues from energy resources
US Secretary of State Antony Blinken said the move against Russia would limit its revenues from energy resources. For this reason, Russia will face economic difficulties in continuing the war against Ukraine.
Japan also imposed a ban on banks in North Korea and Georgia.
The Japanese government issued a statement on Friday saying that sanctions were imposed on 11 Russian individuals, 29 organizations and 3 banks on Friday. In addition, action was also taken against a bank from North Korea and Georgia for helping Russia.
Japanese Chief Cabinet Secretary Yoshimasa Hayashi said these sanctions demonstrate our commitment to helping Ukraine.
Japanese Chief Cabinet Secretary Yoshimasa Hayashi said Japan had imposed sanctions on Russia, North Korea and a bank in Georgia.
Russia said: Biden makes it difficult for Trump
Shortly before the US sanctions were announced, Kremlin spokesman Dmitry Peskov said the Biden administration was trying to make things difficult for the new Trump administration.
Peskov said:
We know the Biden administration will attempt to leave a difficult legacy for Trump when he leaves office.
Russian oil price could fall below $60 a barrel
India and China have become the largest importers of Russian crude oil after Russia’s attack on Ukraine in 2022. According to Reuters, Indian refineries will avoid using Russian-sanctioned vessels, which could lead to a further drop in Russian oil prices.
Russian oil prices could fall below $60 a barrel due to the new sanctions, an Indian refining source told Reuters. Russia represents 10% of global oil production.
For sanctions to be effective, they must be sustainable
Dalip Singh, U.S. deputy national security adviser for international economics, said some will ask why we waited until the end of this administration to ban Russian oil? The answer is that for sanctions to be effective, they must be sustainable.
This doesn’t mean they should be free. Sanctions are never free, but for them to be successful, they must serve the purpose for which they were imposed rather than harm the U.S. and global economy.
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