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Measures are aimed at degrading Kremlin power, with proposed sanctions on Putin’s daughters
The US, European Union, and the Group of Seven (G7) are reportedly coordinating on a new round of sanctions on Russia for its atrocities in Ukraine, including a US ban on all new investments.
The governments are planning to increase sanctions on Russian financial institutions, state-owned enterprises, and several unspecified Russian officials and their family members, Bloomberg reported on Tuesday, citing a Biden administration official.
The report said western nations could announce the new set of sanctions on Wednesday. On the news, Russia’s currency ruble has also marginally weakened against the US dollar.
The new measures are intended to worsen instruments of Russian state power and impose acute and immediate economic damage, the official told Bloomberg.
Earlier Tuesday, the EU imposed an import ban on Russian coal in the fifth round of sanctions. The ban will cut a significant revenue source for Moscow as the 27-countries bloc used to import 4 billion euros ($4.39 billion) worth of coal from Russia every year.
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European Commission President Ursula von der Leyen also banned most Russian ships and trucks from entering the bloc.
The EU will also push ahead with a debate on targeting Russian oil, she said -- a sensitive issue in Europe, where many countries are dependent on Russian fuel imports.
Bloomberg also reported that the EU is also discussing imposing sanctions on Russian President Vladimir Putin’s daughters, along with several political figures, oligarchs and their family members, and several propagandists.
The slew of bans and proposed sanctions are following after images of bodies of Ukrainian civilians, graves, and other evidence of atrocities by retreating Russian soldiers emerged from suburbs around Kyiv.
Moscow has denied responsibility.
“These atrocities cannot and will not be left unanswered,” von der Leyen said.
Picture Credit: Reuters