The United States State Department has recently announced a comprehensive new package of sanctions against Russia. This move comes after 20 months of military conflict in Ukraine, during which Western countries have already imposed an extensive range of economic sanctions on Russia. Despite the impact on the Russian economy, these sanctions have also been shown to negatively affect Western nations, particularly those in Europe that rely on affordable Russian gas.
The new round of sanctions is specifically aimed at Russia’s energy capabilities and attempts to evade previous sanctions. The measures are part of an ongoing effort by Western countries to increase the economic pressure on Russia due to its involvement in the Ukrainian conflict. However, this strategy has been questioned as many Western nations are now facing potential recession, while the Russian economy appears to be adapting and even growing.
— TXON (@txon2022) November 4, 2023
One of the key targets of the new sanctions is a significant entity involved in the Arctic-2 LNG project in Siberia. This project is expected to ship liquefied natural gas to global markets, and its disruption could have far-reaching implications for energy supplies worldwide.
The sanctions also target the KUB-BLA and Lancet suicide drones used by the Russian military in Ukraine, along with a network accused of supporting their production.
Yep ..and clown Biden lifted all Trump’s Iran sanctions thus helping them finance terrorism before that Iran was broke..not to mention all d billions given by d “10% big guy” https://t.co/61uCVPdzzN
— AURI (@aavom13) November 4, 2023
The Lancet drone, described as an ‘angular grey tube with two sets of four wings’, has been causing significant damage on Ukraine’s frontlines. These are the first measures specifically targeting this drone, a move that has been welcomed by the Ukrainian government. Ukrainian President Volodymyr Zelensky praised the sanctions as ‘just what is needed’ and emphasized the importance of ensuring Russia cannot bypass them.
In addition to the sanctions against Russia, efforts are being made to curtail sanctions evasion in other countries such as the United Arab Emirates, Turkey, and China. Hundreds of Russian companies, entities, and individuals have been added to a trade blacklist for supporting Russia’s military with drones.
Despite the sanctions, Russia’s economy is expected to grow by 1.5 percent this year, according to the European Bank for Reconstruction and Development. Countries like China, Turkey, and India have provided Moscow with a critical economic lifeline, further complicating the effectiveness of the sanctions.
U.S. Secretary of State Antony Blinken stated that the U.S. will continue to use available tools to increase the cost for Russia of waging war and promote accountability for its actions in Ukraine. Similarly, Secretary of the Treasury Jane Yellen emphasized that the “global sanctions coalition” has undermined the Kremlin’s ability to wage its unprovoked war.
In conclusion, while the new sanctions package represents a significant escalation in the West’s economic pressure on Russia, its effectiveness remains to be seen. As the Russian economy continues to adapt and grow despite these measures, it raises questions about the long-term viability of this strategy.