The United States Treasury Secretary, Janet Yellen, has said that the US alongside its European allies may consider further sanctions on Russia for intensified atrocities.
Amid signs that Russia was ramping up attacks on Ukrainian civilians, the United States and its European allies could impose additional penalties on Moscow, Yellen said on Thursday.
“The atrocities that they’re committing against civilians seem to be intensifying, so it’s certainly appropriate for us to be working with our allies to consider further sanctions,” Yellen said.
The West had placed several economic sanctions on Russia following the country’s invasion of Ukraine. The invasion, which had led many to flee Ukraine was described by the Russian President, Vladimir Putin, as a special operation.
Russia had begun the military operation in Ukraine on February 24, describing it as a response to calls for help from the breakaway republics of Donetsk and Luhansk in countering the aggression of Ukrainian troops.
Yellen had said that the sanctions placed on Russia had actually devastated the Russian economy. In a conversation with Washington Post Live, she said sanctions taken to date had “devastated” the country.
“We have isolated Russia financially. The ruble has been in a freefall, the Russian stock market is closed. Russia has been effectively shut out of the international financial system.
“And Russia’s “war chest” of $600 billion in foreign currency reserves amassed to cushion such a blow has been rendered unusable,” Yellen said.
Washington, Brussels and other governments around the world have cut off Moscow and Russian banks from making or receiving payments, frozen assets and pushed the country to the brink of a debt default.
The US President, Joe Biden, had also banned Russian oil imports, while Britain was also phasing them out. – AFP.
