The United States has announced new sanctions targeting Russia in retaliation for “war crimes” in Ukraine
Biden said that “Russia has already failed in its initial war” after the country's forces were turned back from the Ukrainian capital of Kyiv. He cautioned, however, that “this fight is far from over.”
The U.K. piled on Wednesday with asset freezes against major banks, a ban on British investment in Russia and a pledge to end dependency on Russian coal and oil by yearend. The penalties cut off all of Putin’s close family members from the U.S. financial system and freeze any assets they hold in the United States.
Britain had already announced a plan to phase out Russian oil, which accounts for 8% of the U.K. supply. Russia is the top supplier of imported coal to the U.K., though British demand for the polluting fuel has plummeted in the past decade. EU foreign affairs chief Josep Borrell said energy was key to Putin’s war coffers. And because the war has pushed prices higher, Russia has benefitted from being able to sell its natural gas and oil to the rest of the world.
While the White House has said Russia should not attend the G-20 meeting in Indonesia this November, he noted that it may drop out of the organization anyway because its economy has shrunk in size so dramatically.
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