US & EU coordinate for new sanctions - Russian banks in the spotlight

As part of new sanctions against Moscow over its invasion of Ukraine, the US government intends to ban "all new investment" in Russia, a White House spokeswoman said.

In addition, pre-existing sanctions against Russian banks and state-owned enterprises will be tightened, and more Russian officials and their families will be punished, Jen Psaki said.

The sanctions will be announced in coordination with the EU and G7 members. Details will be announced later today.

"These measures will derail key tools of Russian state power, deal a severe and immediate economic blow to Russia, and hold accountable members of the Russian kleptocracy that finances and supports the war of (Russian President Vladimir) Putin," she added. Mrs. Psaki.

Alpha Bank of Russia is in the spotlight 

Meanwhile, according to a report in the Wall Street Journal, the US government will announce new sanctions on Alfa Bank, one of the largest banks in Russia, with effect from today.

The EU sanctions package is also ready 

As Economy Today reported yesterday, the EU seems to have locked in its own package of sanctions against Russia.

The sanctions will concern:

1. Prohibition of all coal imports from Russia.
2. Ban on exports to Russia of semiconductors, high-tech machinery, LNG mining technology and other equipment. These exports amount to 10 billion euros per year.
3. Ban on imports from Russia of wood, plastic, cement, chemicals, high value food (including caviar) and beverages (vodka). The value of these products reaches 5 billion euros).
4. Russian trucks and vehicles banned from entering Europe.
5. Under the new sanctions package, the list of 850 people facing severe sanctions will include several Russian oligarchs, military and political, who in one way or another are helping the Putin regime.
6. The Commission also plans to block transactions with VTB Bank, as well as with three other Russian groups.

Finally, for Intel Corp. Russia 

The American computer processor manufacturer, Intel Corp, announced that it is suspending all its business activities in Russia with immediate effect, emphasizing that it has taken measures not to affect its operation in the rest of the world.

Intel "continues to unite its voice with the international community, to condemn Russia's war against Ukraine and to call for immediate restoration of peace," the company said in a statement.

SOURCE: Economy Today