As the crisis in Ukraine deepens, Secretary of State John Kerry said Tuesday the U.S. and the European Union are poised to slap new sanctions against Russia for its support of rebels fighting in the eastern part ot the country. (July 28)
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As the crisis in Ukraine deepens, Secretary of State John Kerry said Tuesday the U.S. and the European Union are poised to slap new sanctions against Russia for its support of rebels fighting in the eastern part ot the country. (July 28)
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The European Union suspended talks with Russia on a wide-ranging economic pact and a visa agreement Thursday in response to its military incursion into Ukraine's Crimean Peninsula, threatening tougher sanctions unless Moscow swiftly defuses the crisis.
The moves at an emergency EU summit came on the heels of visa and financial sanctions the Obama administration imposed on Russians and Ukrainians over the military incursion into Crimea.
EU President Herman Van Rompuy said further measures could include travel bans, asset freezes and the cancellation of an EU-Russia summit if Moscow does not quickly end its aggression and joins meaningful, multilateral talks within days to halt the crisis.
'We are in close coordination with the United States on this,' German Chancellor Angela Merkel said. 'We cannot go back to business as usual' with Russia, she added.
However, the EU's latest sanctions appeared weak compared to the U.S. ones and to what some more hawkish EU countries wanted, particularly those bordering Russia. Poland's leader noted the resistance to penalizing Moscow remains fairly high among some members of the 28-nation bloc because of Europe's close proximity, energy dependence and trade ties to Russia.
As the EU leaders met, the U.S. also sent six F-15 fighter jets to Lithuania to bolster air patrols over the Baltics, and a U.S. warship is now in the Black Sea to participate in long-planned exercis
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Russia blasted new Western sanctions Wednesday targeting Russian state-owned banks and trade in technology, trade, and arms. The European countries hope these new sanctions will put pressure on Russia, but it might also harm their own economies. (July 30)
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The United States and the European Union have imposed a new round of economic sanctions on Russia. Officials say the penalties are aimed at punishing Russia for deepening its provocations in Ukraine. (Sept. 12)
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As Russian soldiers stepped up their patrols of Crimea's military facilities and the peninsula's residents started receiving Russian passports, President Barack Obama and the EU announced new sanctions against Russian officials and a bank. (March 20)
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Secretary of State John Kerry on Thursday accused Russia of inaction in helping to ease the tense situation in eastern Ukraine, warning the United States is ready to impose additional sanctions in response. (April 24)
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At a news conference in Manila Monday, President Barack Obama announced new sanctions on Russia and touted a 10-year defense agreement with the Philippines. Obama is on his last leg of a four-nation Asia tour. (April 28)
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Arizona Senator John McCain spoke about Ukraine after a town hall meeting in Phoenix on Friday. He says that while he hopes a new agreement to end the violence succeeds, Congress and the administration should be ready to impose sanctions. (Feb. 21)
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Amid increasing sanctions and calls for exiting or scaling back businesses in Russia by many global enterprises, some companies and countries have decided to continue their business relations with the country. Russia has drawn up plans to seize the assets of western companies leaving the country as the Kremlin pushes back against sweeping sanctions and the exodus of international businesses since its invasion of Ukraine. The country’s economic ministry said it could take temporary control of departing businesses where foreign ownership exceeds 25%. The cryptocurrency exchanges such as Coinbase and Binance have decided not to ban Russian users from their platforms. As believed by many, cryptocurrency platforms such as these could be used as a way to bypass the sanctions to shield the sanctioned Russian entities against economic and financial isolation. This would undermine the steps taken to make Russia face consequences through non-military means for its invasion of Ukraine. Chinese mobility company, DiDi, after coming under domestic pressure, reversed its previous decision to close down its operations in Russia. In contrast, Nike, Puma, Adidas, Inditex (through its brand, Zara) and Fast Retailing, have all decided to temporarily suspend their operations in Russia. Puma generates about 5% of its total revenue from Russia and Ukraine, while Adidas expects the Russia-Ukraine conflict to put approximately €250 million business at risk. Inditex derives about 8.5% of its global operating profit from Russia.
Another case is the French food company, Danone, which has decided to suspend its investments in the country but to continue manufacturing and distribution activities. The company generates about 6% of its total revenue from Russia. The government of Bangladesh has asserted to continue doing business with Russia, which is building a nuclear power plant (Ruppur Nuclear Power Plant) in the country with financing 90% of the $13 billion project. With Russia out
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