{"id":160601,"date":"2022-03-11T22:47:20","date_gmt":"2022-03-11T21:47:20","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=160601"},"modified":"2022-03-11T22:47:20","modified_gmt":"2022-03-11T21:47:20","slug":"biden-announces-new-crushing-sanctions-on-putins-russia","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/03\/11\/biden-announces-new-crushing-sanctions-on-putins-russia\/","title":{"rendered":"Biden announces new ‘crushing’ sanctions on Putin’s Russia"},"content":{"rendered":"

President Joe Biden launched a new attack on Russia’s economy on Friday in response to the country’s invasion of Ukraine, joining forces with allies to slap tariffs on Russian goods and shut down development programs.<\/p>\n

He also announced a ban on Russian seafood, vodka, and diamond imports.<\/p>\n

In a battle of wills with Russian President Vladimir Putin, Biden said the steps would deal “another crushing blow” to Russia’s economy, which is already being weighed down by global sanctions<\/a> that have cratered the rouble and caused the stock market to close.ru<\/p>\n

\u201cPutin is an aggressor. Putin is the aggressor. And Putin must pay a price,\u201d Biden said at the White House, noting he had earlier spoken by phone to Ukraine President Volodymyr Zelenskiy.<\/p>\n

But Biden criticised voices in the United States clamouring for an active U.S. military presence in Ukraine or U.S. backing of a \u201cno-fly zone\u201d to protect Ukrainians from the Russian onslaught.<\/p>\n

\u201cThe idea that we\u2019re gonna send in offensive equipment and have planes and tanks and trains going in with America pilots and American crews \u2026that\u2019s called World War III, OK? Let\u2019s get it straight here, guys,\u201d he told Democrats in Philadelphia.<\/p>\n

\u201cWe will defend every inch of NATO territory, every single inch,\u201d including NATO members bordering Russia, Biden said,<\/p>\n

\u201cGranted, if we respond it is World War III, but we have a sacred obligation on NATO territory \u2026 although we will not fight the Third World War in Ukraine,\u201d he said.<\/p>\n

At the White House, Biden joined fellow Group of Seven leaders in calling for revoking Russia\u2019s \u201cmost favoured nation\u201d trade status, which would allow G7 nations to increase tariffs and set quotas on Russian products.<\/p>\n

The U.S. Congress would need to pass legislation to revoke the trade status, and lawmakers recently have been moving in that direction.<\/p>\n

\u201cWe remain resolved to isolate Russia further from our economies and the international financial system,\u201d the G7 said in a statement.<\/p>\n

Trade made up about 46% of Russia\u2019s economy in 2020, much of that with China or linked to energy exports that European nations depend on for heat and electricity, making it unclear how deeply these moves will impact Russia\u2019s economy.<\/p>\n

Biden also banned the U.S. import of Russian vodka, seafood and diamonds.<\/p>\n

He warned that Russia would pay a \u201csevere price\u201d should it use chemical weapons against Ukraine. The United States has expressed fears that Russia could be paving the way for a chemical weapons attack, without citing evidence.<\/p>\n

White House spokesperson Andrew Bates told reporters on Air Force One that if Russia is targeting civilians in Ukraine \u201cthat would be a war crime.\u201d<\/p>\n

Russia calls its actions in Ukraine a \u201cspecial operation.\u201d<\/p>\n

Biden said the United States would add new names to a list of Russian oligarchs who are sanctioned, and ban the export of luxury goods to Russia.<\/p>\n

In a separate statement, the White House said Biden would ban U.S. investment in Russia beyond the energy sector, and that G7 nations would move to block Russia from funds from the International Monetary Fund and World Bank.<\/p>\n

\u201cThose are the latest steps we\u2019re taking but they\u2019re not the last steps we\u2019re taking.\u201d Biden said.<\/p>\n

The coordinated moves by Washington, London and other allies come on top of a host of unprecedented sanctions, export controls and banking restrictions aimed at pressuring Putin to end the largest war in Europe since World War Two.<\/p>\n

The moves have already caused the Russian economy to collapse, and the IMF is now predicting that it will plunge into a \u201cdeep recession\u201d this year.<\/p>\n

On Thursday, Moscow banned the export of telecom, medical, auto, agricultural, electrical and tech equipment, as well as some forestry products, in retaliation.<\/p>\n

The United States is expanding sanctions on Russia to include executives of sanctioned banks and Russian banker Yuri Kovalchuk, as well as Russian lawmakers.<\/p>\n

\u201cRussia cannot grossly violate international law and expect to benefit from being part of the international economic order,\u201d the White House said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

President Joe Biden launched a new attack on Russia’s economy on Friday in response to the country’s invasion of Ukraine, joining forces with allies to slap tariffs on Russian goods and shut down development programs. He also announced a ban on Russian seafood, vodka, and diamond imports. In a battle of wills with Russian President […]<\/p>\n","protected":false},"author":9,"featured_media":153609,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[32257,5640,4586,2923],"class_list":["post-160601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-announces-new-crushing-sanctions-putins-russia","tag-biden","tag-putin","tag-russia"],"yoast_head":"\nBiden announces new 'crushing' sanctions on Putin's Russia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/03\/11\/biden-announces-new-crushing-sanctions-on-putins-russia\/\" 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A thinker. A dreamer. An entrepreneur. An Entertainment blogger. Mail me at ifydaviesng@withinnigeria.com. 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