Sanctions on Russia

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As attacks continue in Ukraine and Russian forces press their advance on the capital Kyiv, President Volodymyr Zelenskyy has pleaded for help from the international community. The United States, European Union, United Kingdom, Japan, Canada, Taiwan, and New Zealand unveiled a series of sanctions against Russia targeting banks, oil refineries, and military exports.  The US Department of the Treasury said it targeted the “core infrastructure” of Russia’s financial system, sanctioning two of its largest banks – state-backed Sberbank and VTB Bank. Also on the sanctions list are Otkritie, Sovcombank and Novikombank, and some senior executives. EU leaders were set to impose sanctions on Russia’s financial, energy and transport sectors, introduce export controls, and blacklist more Russians. Japan said it will strengthen sanctions against Russia to include financial institutions and military equipment exports, Prime Minister Fumio Kishida said, adding that an impact on his resource-poor nation’s energy supply is unlikely. Prime Minister Boris Johnson unveiled the UK’s largest-ever package of sanctions against Russia targeting banks, members of Putin’s closest circle, and wealthy Russians who enjoy high-rolling London lifestyles. Canada announced more sanctions against Russia targeting 62 individuals and entities, including members of the elite and major banks, and canceled all export permits. The Czech Republic banned Russian airlines from flying to the central European country and is considering further steps against Russia. Taiwan will impose sanctions on Russia, the government said, with the world’s largest contract chipmaker saying it would comply with all export-control rules. Australia imposed more sanctions on Russia targeting several of its elite citizens and lawmakers and said it was “unacceptable” that China was easing trade restrictions with Moscow at a time when it invaded Ukraine. New Zealand imposed targeted travel bans on Russia and prohibited trade to its military and security forces.

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