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The US imposes new sanctions on Russia: what are they, and why now?

The US has rolled out fresh sanctions targetting Russian banks, government officials and Putin’s daughters in coordination with the Group of 7 and the European Union. What prompted this?

US sanctions on Russia, Russia sanctions, Biden sanctions Russia, Russia Ukriane crisis, Ukraine war, Bucha, Bucha massacre, Indian ExpressTwo people mourn their friend, who according to residents was killed by Russian Soldiers after they found him beside a building's basement, following his burial at the garden of a residential building, in Bucha, Ukraine April 5, 2022. (Reuters Photo: Zohra Bensemra, File)

The United States and its allies have imposed fresh sanctions against Russia amid reports of gruesome war crimes and attacks on Ukrainian civilians. The latest such incident played out in a small town called Bucha, located near the Ukrainian capital of Kyiv, where the bodies of more than 300 civilians were found strewn across the streets. Ukrainian President Volodymyr Zelenskyy called the Bucha killings “the most terrible war crimes” since World War II.

In a virtual address to the United Nations Security Council this week, Zelenskyy accused Russia of deliberately killing adults and civilians, and trying to burn their bodies. “Russian troops are deliberately destroying Ukrainian cities to ashes with artillery and airstrikes… They deliberately shoot columns of civilians on the road trying to escape from hostilities. They even deliberately blow up shelters where civilians hide from airstrikes,” Zelenskyy said.

Denying the allegations, Russia claimed the images of the atrocities committed in Bucha were staged by Ukrainian officials.

What are the new sanctions imposed on Russia?

Zelenskyy’s emotional bid for support from the West was not ignored. The US rolled out fresh sanctions targetting Russian banks, government officials and Putin’s daughters in coordination with the Group of 7 and the European Union.

Severe financial sanctions have been imposed on Russia’s largest private bank, Alfa Bank, and its largest financial institution, Sberbank. With this, no resident or citizen of the US will be able to transact with these banks and all their US assets will be frozen.

Britain has also frozen Sberbank’s assets, and said it would ban imports of Russian coal by the end of this year, Reuters reported.

The White House announced “full blocking sanctions” on top Kremlin officials and the family members of Russian President Vladimir Putin. This includes his two adult daughters, Katerina Vladimirovna Tikhonova and Maria Vladimirovna Vorontsova. White House officials told the BBC they were targeting Putin’s daughters as they could be in control of some of their father’s assets.

Sanctions were further imposed on two Russian Security Council members, former president and prime minister Dmitry Medvedev and former prime minister Mikhail Mishustin, as well as Foreign Minister Sergey Lavrov’s wife and daughter.

“Today we are taking additional steps to cut off Russia from international markets in response to Putin’s continued brutality. This serious action, including fully blocking Russia’s largest bank and banning new investment in Russia, will further restrict Putin’s ability to fund and supply his war,” said US Secretary of the Treasury Janet L Yellen.

US President Joe Biden will soon sign an executive order banning new investments by Americans in Russia, NPR reported.

Meanwhile, earlier this week. the European Commission proposed a ban on Russian coal. “We will impose an import ban on coal from Russia, worth €4 billion ($4.39 billion) per year. This will cut another important revenue source for Russia,” European Commission President Ursula von der Leyen announced on Tuesday. The proposed ban is controversial as several European member states, such as Germany, are heavily reliant on Russian energy.

European member states are expected to soon announce a “full transaction ban” on major Russian banks as well as Russian and Belarusian imports, including wood, cement and seafood.

Australia on Thursday announced it was imposing sanctions on 67 Russians. “Today, I’m announcing 67 further sanctions of Russian elites and oligarchs, those close to Putin who facilitate and support his outrageous actions,” Australian Foreign Minister Marise Payne said.

A view of the corpse of a civilian killed in Bucha, Ukraine, Wednesday, April 6, 2022. (AP Photo: Rodrigo Abd)

What has prompted the new sanctions against Russia?

The fresh sanctions were prompted by reports of alleged war crimes committed by Russia in Ukraine. “There’s nothing less happening than major war crimes,” President Biden said, referring to the Bucha massacre. “Responsible nations have to come together to hold these perpetrators accountable.”

According to Ukrainian officials, at least 410 civilians were found dead in towns around Kyiv, where Russian and Ukrainian forces battled from around February 27. The grimmest discovery was in Bucha, where bodies were found with their hands bound, flesh burned, and some shot in the back of the head.

On Thursday, the UN General Assembly is set to vote on a draft resolution seeking to suspend Russia from the UN Human Rights Council.

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