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How the US and Europe target Putin with sanctions

While the US has imposed sanctions and frozen the assets of several Russian oligarchs, targeting Mr Putin directly is a significant escalation. It put him in the same company with President Bashar al-Assad of Syria and Alexander G. Lukashenko from Belarusboth have been subject to individual sanctions by the US government.

Adam M. Smith, a former Treasury official who is now a partner at the law firm Gibson, Dunn & Crutcher, said imposing sanctions on Putin sends an important message that it The United States has never taken similar action against the powerful leader. However, he thinks sanctions are unlikely to affect Putin’s wealth or change his calculus in Ukraine.

“I don’t think Putin will really lose much sleep under punishment,” Smith said.

The individual sanctions add to the growing list of restrictions that the Biden administration, in coordination with Europe, has implemented. The United States has imposed sanctions on Russia’s major financial institutions and the nation’s sovereign debt, and on Thursday it took steps to block Russia’s access to technology. importance to the US military, the aerospace industry, and the economy at large.

But the effort to punish Putin has shown the extent to which many European countries depend on Russia for energy, grains and other products. A package of penalties, which European leaders describe as unprecedented in its size and scope, is difficult to forge consensus, even with Russian forces. approach KyivThe capital of Ukraine.

Europe’s economies are intimately tied to the Russian economy, and the more the European Union leans on Russian sanctions, the more pain its own members will feel. The toughest sanctions could even derail the bloc’s expected recovery from the recession caused by the coronavirus pandemic.

That is why negotiators overlook particularly difficult factors, such as imposing sanctions on oil companies or barring Russia from participating in SWIFT, the platform used to conduct global financial transactions on items including wheat. EU officials say a major reason they are reluctant to cut off Russia’s access to the platform is that Europe uses it to pay for gas it buys from Russia.

Experts say that the passing of sanctions is very difficult and the speed of movement of the European Union is impressive. But some have criticized the leaders for not going further.

https://www.nytimes.com/2022/02/25/us/politics/sanctions-on-russia-putin.html How the US and Europe target Putin with sanctions

Fry Electronics Team

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