U.S., Allies Poised to Hit Russia With Broad Sanctions for Ukraine Invasion
The US and its allies are poised to unveil harsh sanctions against Russia after the country launched an unprecedented invasion of Ukraine. President Biden has called the military operation an “unprovoked and unjustified” attack on the nation. Western powers hope that the fresh slew of penalties will punish Russia and convince the country to reduce its hostilities, This morning, the European Union announced that it plans to launch massive and targeted sanctions on Russia for its actions in Ukraine. The EU sanctions will aim at the financial sector, freezing Russian assets and banning the import of technology to Russia. Leaders from the Group of Seven (G7) countries plan to meet Thursday.
G7 will gather in Brussels this evening to discuss sanctions that the group has been developing for weeks. European officials stated that they could approve the large sanctions package within the span of a few days. The sanctions will target strategic sectors of the Russian economy through accessing technologies and markets key to Russian economics.Over the past several days, Western nations have imposed sanctions on six banks, several wealthy Russians close with Mr. Putin, Defense Minister Sergei Shoigu, high ranking officials, and Russian sovereign debt. In addition, the Nord Stream 2 natural-gas pipeline’s construction has been halted.