Russia-Ukraine conflict: US announces new economic sanctions on Russia

Many countries have joined in to condemn Russia for its invasion of Ukraine as Vladimir Putin seeks to seize control of the country. Following the sets of sanctions the US has already imposed, Washington has imposed another set of economic sanctions, further targeting Russia’s economy.

According to a report by the New York Times, the US Treasury Department announced a new set of economic sanctions to impose on Russia in retaliation for its invasion of Ukraine. The agency announced that it would be immobilizing assets from the Russian Central Bank that are held in the US. The Treasury will also target the Russian Direct Investment Fund, a wealth fund run by an ally of Putin.

The latest sanctions would curb Russia’s ability to make use of its international reserves to blunt the impact of the penalties imposed by the US and European allies. The latest set of penalties by the Treasury also comes as the Russian economy is moving towards collapse.

“The ruble cratered, the stock market froze, and the public rushed to withdraw cash on Monday as Western sanctions kicked in and Russia awoke to uncertainty and fear over the rapidly spreading repercussions” of Putin’s invasion of Ukraine. The Russian Central Bank has since attempted to keep the country’s economy afloat by doubling the interest rates while barring foreigners from selling Russian securities and ordering exporters to convert most of their foreign currency revenues into rubles.

“The unprecedented action we are taking today will significantly limit Russia’s ability to use assets to finance its destabilizing activities and target the funds Putin and his inner circle depend on to enable his invasion of Ukraine,” said Treasury Secretary Janet Yellen in a statement.

Russia’s invasion of Ukraine has also led the International Criminal Court at The Hague to open an investigation into potential war crimes related to the invasion. International Criminal Court Prosecutor Karim A.A. Khan released a statement Monday saying that upon review, there is a “reasonable basis” to launch an investigation.

As previously reported by The Guardian, Lithuania has called for the ICC to launch an investigation into the potential war crimes committed by both Russia and Belarus in Ukraine.