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Biden administration gets tougher, sanctions imposed on Russian businessmen and officials close to Putin

Today is the 9th day of the attack of the Ukraine-Russia war. Many western countries, including America, are opposing the attack on Ukraine. Meanwhile, America is imposing many types of sanctions on Russia. Taking a step forward on this, the administration of President Joe Biden has announced new sanctions on Russian businessmen and close aides of President Vladimir Putin.

Action has been taken against Putin’s close friends

This action has been taken under broad sanctions imposed to isolate Ukraine after Russia’s invasion of Ukraine. Putin’s press secretaries Dmitry Peskov and Alisher Burhanovich Usmanov have come under the ambit of these sanctions, who are among Russia’s rich and close associates of Putin. The US State Department also said that it is also imposing visa restrictions on 19 Russian individuals and their family members and close associates.

The goal is to reduce Putin’s influence

Biden said at the beginning of a meeting with Vice President Kamala Harris and the cabinet that the goal is to reduce the influence of Putin and Russia and reduce the damage Russia is doing to its allies. The White House believes that due to these sanctions, Russian elites and their families will be cut off from the American financial system and their use of American assets will be banned.

What are restrictions after all?

The passing of sanctions is the most prominent way for the international community to respond to Russia’s attacks against Ukraine. Sanctions are harsh measures that apply to diplomatic, economic and cultural relations between countries. These are usually not military in nature and are imposed by one country against another (unilateral sanctions) or on behalf of an international organization such as the United Nations (collective sanctions). These sanctions are imposed as a whole or targeting the business.

Will the sanctions have any meaningful effect?

It is too early to say anything, but in the short run these restrictions will probably have no effect. The unilateral and collective sanctions that have been imposed are widespread. These have been implemented rapidly. It is unprecedented to personally target Russian President Vladimir Putin and Russian Defense Minister Sergei Lavrov, but some challenges remain in implementing these sanctions.

For example, Switzerland has supported EU sanctions, but has shied away from implementing sanctions on freezing the assets of individuals on the list of sanctions imposed by the EU, the US and other countries. According to an analysis by the New York Times, there is also a concern that Russian companies could evade sanctions by turning to cryptocurrency instruments.

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