If Western countries impose sanctions on Russia, there could be “some global repercussions,” US Treasury Secretary Janet Yellen said in an interview with AFP. It is assumed that such sanctions may be introduced in the event of Russia’s “invasion” of Ukraine.
“Of course, we want Russia to bear the brunt of the costs. But we recognize that sanctions will have some global implications,” Yellen said.
She recalled the words of US President Joe Biden that in the event of a Russian invasion, Western countries intend to impose “very significant costs” on it. The US Treasury is working with European allies to develop a series of financial sanctions that could target Russian citizens and companies and could include export controls, Yellen said.
She acknowledged concerns about “the potential impact on energy markets, given the importance of Russia’s role as a supplier of oil to the world market and natural gas to Europe.” The US is working with European allies to the extent possible to protect them from over-exposure and ensure they have affordable supplies of oil and natural gas from other countries, Yellen said.
In January, a group of Democrats led by Menendez introduced a bill that would impose sanctions on Russia in what the White House would describe as a “military escalation” by Moscow aimed at overthrowing the Kiev government. On January 12, a bill appeared on the website of the US Senate, which proposed in the event of Russia’s invasion of Ukraine to introduce against the first sanction. In particular, the document provided for restrictions on at least three of the 12 specified Russian financial institutions – Sberbank, VTB, Gazprombank, VEB.RF, RDIF, Moscow Credit Bank, Alfa-Bank, Rosselkhozbank, Otkritie Bank, Promsvyazbank, Sovcombank, Transcapitalbank. In addition, European and American lawmakers have proposed disconnecting Russia from SWIFT, blocking its trade chains, banning the export of products from various industries, and restricting access to international financial markets. At the same time, Moscow has said many times that it is not going to attack Ukraine, and even the thought of this is unacceptable to it.
In addition, European and American lawmakers have proposed disconnecting Russia from SWIFT, blocking its trade chains, banning the export of products from various industries, and restricting access to international financial markets. At the same time, Moscow has said many times that it is not going to attack Ukraine, and even the thought of this is unacceptable to it.