Moscow Stock Exchange halted trading in dollars and euros on June 14, 2023.
New measures aimed at cracking down on shell companies diverting sanctioned goods to Russia and restricting exports of software used by the Russian military.
New US sanctions target Russia's financial infrastructure including the Moscow Exchange, National Clearing Centre and National Settlement Depository (NSD).
Transactions using dollars and euros will continue on the over-the-counter market.
US accused these entities of aiding Russia's war effort in Ukraine.
US expanded definition of 'military-industrial base' to apply secondary sanctions to foreign financial institutions dealing with sanctioned entities.
The Moscow stock exchange announced on June 13, 2023, that it will stop trading dollars and euros from the following day. This decision comes in response to new US sanctions targeting Russia's financial infrastructure, including the Moscow Exchange, National Clearing Centre and National Settlement Depository (NSD). The US has accused these entities of aiding Russia's war effort in Ukraine. However, transactions using dollars and euros will continue on the over-the-counter market. The Central Bank of the Russian Federation made this announcement as part of an effort to limit the amount of money flowing in and out of Russia.
The US has sanctioned over 4,000 Russian businesses and individuals since the war began. These sanctions aim to choke off the flow of money and armaments to Moscow. The latest round of sanctions targets entities in China, South Africa, the United Arab Emirates and Turkey.
The US Treasury Department announced that it will broaden its definition of 'military-industrial base' to apply secondary sanctions to foreign financial institutions that do business with any sanctioned entities. This move aims to eliminate paths for evasion and diminish Russia's ability to benefit from access to foreign technology, equipment, software, and IT services.
The US Department of Commerce separately announced new measures aimed at cracking down on shell companies that divert sanctioned goods to Russia and restrict exports of software used by the Russian military. The department also added eight addresses in Hong Kong to a restricted U.S. trade list.
These actions come as G7 leaders gather for a summit in Italy, where the top priorities are expected to be boosting support for Ukraine and bringing about a ceasefire in Gaza.
Sources:
Euronews (2024-06-12): Moscow stock exchange stops trading in dollars and euros
Al Jazeera (2024-06-13): US expands Russia sanctions, targeting entities in China, UAE and Turkey
Politico (2024-06-12): Treasury expands sanctions threat against banks dealing with Russia
New York Times (2024-06-12): U.S. Expands Sanctions on Russia as G7 Leaders Gather
The Biden administration announced new financial sanctions aimed at interrupting technological links between China and Russia.
Russia’s war economy is deeply isolated from the international financial system, leaving its military desperate for access to the outside world.
New sanctions were coordinated by the Treasury, State and Commerce Departments.
China has stepped up shipments of microchips, machine tools, optical systems for drones and components for advanced weaponry to Russia in the past six or eight months.
Accuracy
Russia's war economy is deeply isolated from the international financial system, leaving its military desperate for access to the outside world.
The measures aim to further isolate Russia from the global financial system and cut off its ability to gain access to technology that powers its military arsenal.
The US has announced new sanctions against over 300 individuals and firms accused of aiding Russia’s war effort in Ukraine.
Entities in China, South Africa, the United Arab Emirates and Turkey are among those targeted.
Washington will broaden its definition of ‘military-industrial base’ to apply secondary sanctions to foreign financial institutions that do business with any sanctioned entities.
Accuracy
New sanctions were coordinated by the Treasury, State and Commerce Departments.
Treasury Secretary Janet Yellen announced a fresh round of sanctions targeting Russia and expanding the scope of previous crackdowns on foreign financial institutions.
Foreign banks risk U.S. sanctions for working with more than 4,500 sanctioned Russian entities, including some of Russia’s largest lenders and financial institutions.
The Commerce Department announced new measures to crack down on shell companies that divert sanctioned goods to Russia and restrict exports of software used by the Russian military.
Accuracy
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Fallacies
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The article contains some instances of appeals to authority and inflammatory rhetoric, but no formal or informal fallacies are explicitly stated by the author. The author quotes Treasury Secretary Janet Yellen making statements about Russia's isolation from the international financial system and the Kremlin's desperation for access to the outside world. These statements are not fallacious in nature as they represent Yellen's perspective and analysis of the situation.
][Treasury Secretary Janet Yellen] said Russia’s war economy is deeply isolated from the international financial system, leaving the Kremlin’s military desperate for access to the outside world.[/
][Treasury Secretary Janet Yellen] today's actions strike at their remaining avenues for international materials and equipment, including their reliance on critical supplies from third countries.[/
