Tag: Sanctions
Russian President Vladimir Putin announced fresh initiatives on Wednesday to help Russian citizens cope with rising costs, unemployment, and supply challenges linked to sanctions. This is just one of the few aspects of what is Russia’s sanctions survival plan that we could see in action in the next few months.
Some US policymakers and pundits are declaring that Russia—and its population—are cut off from the rest of the world. For example, political scientist Nina Khrushcheva has declared "Russia is hated by the rest of the world" and that "Russia is the global enemy." The New York Times concludes Russia is now "an economic pariah" and that a "new iron curtain" is falling.
Due the sanctions that where placed on Russia after the attack of Ukraine by the West and western firms leaving the nation, Putin has now threatened to arrest officials of Coca-Cola, IBM, McDonald's, Procter & Gamble and other foreign companies.
Despite Western efforts to alienate Moscow via sanctions, India might bail out Russia by accepting an offer to purchase crude oil as well as other goods at a bargain.
the U.S. doesn’t only project power across the globe through its massive military. It also weaponizes the U.S. dollar, using its economic dominance and its privilege as the issuer of the reserve currency as a carrot-stick tool of foreign policy.
The US will penalize any country that violates its sanctions, albeit it will not go after China because it is fearful of what an escalation would look like. Knowing this full well China is buying 700K barrels of Iranian oil every single day, as they violate US sanctions.
One takeaway from the current situation around Russian crude oil is that if the price reduction is cheap enough, Russia would still find potential buyers in businesses that rely on Urals crude. There have been reports that Shell bought Russian oil at a record discount of $28 a barrel amid sanctions.
After facing secondary sanctions over a weapons pact with Russia, India and Russia decided to arrange payments through the rupee-ruble exchange in 2014. Faced with a similar situation in the present, it is going to be interesting to see how India and Russia plan to bypass the dollar.
Since February 21, when Russia acknowledged the separatist republics of Donetsk and Luhansk in eastern Ukraine, laying the groundwork for the special military operation three days later, Western nations have instituted a succession of economic sanctions against hundreds of Russian political leaders and corporate tycoons who regulate the country's media, financial institutions, oil refineries, and other critical industries.
A top State Department official recently informed Congress that Washington is considering sanctions against India over its acquisition of Russian arms. The US is also pressuring India to distance itself from Moscow in the present Ukraine situation.
