Western countries impose sanctions against Russia, as its officials acknowledge its harmful repercussions on the global economy

Western countries rushed to threaten and impose “strong” sanctions against Russia, with some leaders acknowledging that they have repercussions that may harm the global economy, against the backdrop of Russia’s recognition of the independence of Lugansk and Donetsk.

In the United States, US President Joe Biden announced that his country had imposed new sanctions on Russia targeting its “sovereign debt and its elite,” acknowledging that these measures would also hit his country’s economy, pledging at the same time to take measures to protect it, especially in light of a possible rise in energy prices.

Biden explained that his country is imposing 4 sets of restrictive measures against Russia that will enter into force today, Wednesday, including “full embargo sanctions” against the Russian “VEB” and its military bank, and the application of “comprehensive sanctions on the Russian sovereign debt.”

He pointed out that the new measures will target “the Russian elite and their family members.” He also indicated that the fourth set of sanctions will be directed against the “North Stream 2” project and will be applied in coordination with Germany.

As for the European Union’s sanctions, it affected 27 Russian persons and entities, and sanctions were also imposed on 351 deputies in the Russian State Duma, who voted in favor of recognizing the Donetsk and Luhansk People’s Republics.

The sanctions also prevent Russia from accessing the European financial market.

Britain announced the imposition of sanctions on five Russian banks and on Russian businessmen, Arkady, Boris Rotenberg and Gennady Timchenko.

The British restrictions will affect the following banks: “Rossiya”, “Prom Sviazbank”, Industrial Saving Bank, Genbank and Black Sea Development Bank.

The British government noted that this is the first part (of the sanctions), and there are additional sanctions ready that can be applied with the United States and the European Union if the situation worsens further, according to the expression of its Prime Minister, Boris Johnson.

In Germany, German Chancellor Olaf Scholz announced that he had decided to suspend the ratification of the operation of the “North Stream-2” gas pipeline with Russia against the background of recognizing the independence of the two republics.

Canada, too, quickly imposed economic sanctions against Russia, banning Canadians from engaging in buying Russian government debt. The government also indicated that it will impose additional sanctions on Russian state-backed banks and prevent any financial dealings with them.

In Australia, its Prime Minister, Scott Morrison, announced that his country will announce, in coordination with its partners, a set of economic sanctions against Russia, “as the Australian government will immediately impose sanctions on a number of individuals, and will also expand the current sanctions on the Crimea and Sevastopol, to include the two regions Donetsk and Lugansk.

“Initially, we will impose an entry ban and targeted financial sanctions against 8 members of the Russian Security Council,” he added.

In Japan, its sanctions provide for banning exports from the republics of Lugansk and Donetsk, freezing the assets of their officials, and banning the issuance of visas to their representatives.

Tokyo has also imposed sanctions related to sovereign debt and bans the trading of new Russian bonds in Japan.

In light of these threats and the statements of state leaders regarding sanctions against Russia… Russia, in turn, confirmed that these sanctions will not change Russia’s foreign policy.

The Russian Foreign Ministry considered that these sanctions are illegitimate, and for a long time they have been a tool in the hands of the West against Russia in order to impede its development.