Amid signs of an “escalation” in attacks on Ukrainian civilians by Russian forces in their invasion of the neighboring country, the United States and its European allies may impose new sanctions on Moscow, Treasury Secretary Janet Yellen said.
“The atrocities they are committing against civilians appear to be escalating, so it is certainly appropriate that we work with our allies to consider new sanctions,” he announced.
The sanctions taken to date have “devastated” the Russian economy, he added in a live broadcast with The Washington Post.
“We isolated Russia financially. The ruble is in free fall, the Russian stock market is closed. Russia was effectively excluded from the international financial system,” she asserted.
And the “war chest“Russia’s $600 billion in foreign currency reserves accumulated to cushion such a blow is now”unusableYellen said.
Washington, Brussels and other governments around the world prevented Russia’s banks from making or receiving payments, froze their assets and brought the country to the brink of default.
In addition, the US has banned imports of Russian oil, while the UK is phasing them out.
Source: Gestion
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