This Tuesday, July 29th, U.S. President Barack Obama announced the United States join the European Union in the introduction of additional sanctions against Russia in energy, arms trade and financial sectors.
‘The major sanctions we’re announcing today will continue to ratchet up the pressure on Russia including the cronies and companies supporting Russia’s illegal activities in the Ukraine,’ – noted Obama.
‘Russia is once again isolating itself from the international community’, – he added.
Obama then immediately said that USA is not starting a new Cold War with this. He did warn, however, that USA and EU are running thin on patience over Russian President Vladimir Putin’s actions.
The U.S. President emphasized that the measures that were announced this Tuesday will impact important sectors of Russia’s economy – energy, arms trade and financial sectors. Obama said sanctions will block all exports of specific products of energy sector and related technologies to Russia. United States and the EU now expand their sanctions against Russian banks and defence contractors.
Shortly before Obama’s speech, the U.S. Treasury Department announced it would present sanctions against three influential banks in Russia in order to force Moscow to stop supporting Ukrainian separatists.
Washington has forbidden all U.S. citizens or persons under U.S. jurisdiction to perform transactions of any kind with VTB, its subsidiaries or other Russian banks.
This Tuesday, EU ambassadors finally reached an agreement on the introduction of the third phase of sanctions against Russia.
According to diplomats, these sanctions will limit the access of Russian banks to financial markets. Sanctions will also prohibit trade of arms, energy products and other specific goods to Russia.
It is said the new sanctions will come into force this Thursday.
It is expected that the updated list of personae non gratae will be announced this Wednesday.
Shortly after USA announced the new sanctions against Russia, Canada came forth with its own batch of sanctions.
‘In the wake of continued aggression by Russia, which includes the ongoing supply of logistical support and weapons systems to agents of the Putin regime in Eastern Ukraine, Canada is announcing its intent to once again increase economic and political pressure, in the coming days, by imposing additional sanctions on the regime and those closest to it,’ – said Canadian Prime Minister Stephen Harper.
More information about new Canadian sanctions will become available in the next couple of days.