Tuesday, December 24

Sanctions

Sanctions are a key aspect of global diplomacy.  They reveal international relations through a concrete lens. It’s a primary tool for policymakers to implement foreign policy decisions. It has a real-world impact on finance, trade, and investments. A key question is, do they work to implement change or influence another country’s decisions? We look at both international and unilateral sanctions. This topic overlaps with global diplomacy and touches on areas of banking and global finance.

G7 Tightening Sanctions, Warns Against Helping Russia’s War
25Feb By Patti MohrNo Comments
Organizations, IMF, WTO, G7, Sanctions, Types of News: Brief

G7 Tightening Sanctions, Warns Against Helping Russia’s War

Photo of Japanese Prime Minister Kishida Fumio meeting with G7 counterpart on Feb. 24, 2023. Japan is chairing the G7 in 2023. Leaders Announce 'New Sanctions To Condemn Russia's Illegal 'Unwavering Support' For Ukraine February 25, 2023—The G7 countries of Japan, the United States, Britain, Italy, Germany, Canada, and France issued the harshest statement yet condemning Russia's illegal war against Ukraine. "Russia’s heinous attacks over the last 365 days have laid bare the cruelty of the ongoing aggression," the G7 leaders said Friday. "We condemn Russia’s illegal, unjustifiable, and unprovokedwar, disregard for the Charter of the United Nations (UN) and indifference to the impacts that itswar is having on people worldwide." The G7 leaders promised to give "unwavering suppor...
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U.S. Treasury Assesses Impact Of Sanctions On Russia
17Oct By Patti MohrNo Comments
Arms Sales, Military Industry, Sanctions, Types of News: Brief

U.S. Treasury Assesses Impact Of Sanctions On Russia

U.S. Government Warns About Secondary Sanctions To People Or Entities Supporting Russia's War October 17, 2022—As Russia has waged war against Ukraine and Ukraine fought back, Western governments have carefully weighed in on the battle through the global financial system. It's a powerful economic coalition that comprises 37 countries. The U.S. government alone issued roughly 1,500 new sanctions and amended 750 more. They target Russia's defense industrial base, the aerospace sector, the microelectronic industry, financial institutions, elites and oligarchs, luxury goods, and oil refining. The sanctions are having an impact on the Russian economy. But is it enough to have an impact strong enough to end the war? Impact of Sanctions On Friday, the U.S. Treasury Department rele...
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As Nicaragua Invites Russian Troops To Central America, U.S. Responds
17Jun By Patti MohrNo Comments
Communism, Dictatorship, Geopolitics, Sanctions, Types of News: Brief

As Nicaragua Invites Russian Troops To Central America, U.S. Responds

U.S. Treasury Sanctions State-Owned Gold Mining Firm June 17, 2022—Citing Nicaragua's closer ties with Russia and political oppression at home, the U.S. Treasury issued new sanctions today targeting a Nicaraguan mining company and a government official. Specifically, it targets Empresa Nicaraguense de Minas (ENIMINAS), a state-owned gold-mining company, and Ruy Lopez Delgado, the head of the enterprise. Nicaragua Welcomes Russian Military The sanctions action comes just days after Nicaragua's parliament approved a decree to allow Russian troops to enter the Central American country. Nicaraguan President Daniel Ortega invited Russian troops into his country to carry out law enforcement duties and conduct joint military exercises, ABC News reported earlier this month. On J...
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EU Agrees To A Partial Ban On Russian Oil
31May By Patti MohrNo Comments
Europe, EU, Eurozone, Sanctions, Types of News: Brief

EU Agrees To A Partial Ban On Russian Oil

European Council Plans To Accelerate Transition To Alternative Energy May 31, 2022-The 27 heads of government of the European Union agreed today to reduce its dependence on Russian fossil fuels and to accelerate a transition to alternative sources of energy. The decision sets the EU on a course to ban up 90 percent of Russian oil imports by the end of the year. It is part of the sixth round of sanctions against Russia and Belarus in response to Russia's war against Ukraine. "The European Council is committed to intensify pressure on Russia and Belarus to thwart Russia’s war against Ukraine," the Council said in an 11-page document. "The European Council calls on all countries to align with EU sanctions. Any attempts to circumvent sanctions or to aid Russia by other means must be s...
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Biden Takes More Economic Actions Against Russia
11Mar By Patti MohrNo Comments
Global Trade, Globalization, Global Disintegration, Sanctions, Types of News: Brief

Biden Takes More Economic Actions Against Russia

De-Globalization Continues As Congress Targets Most-Favored Trade Status March 11, 2022—U.S. President Joe Biden announced additional economic and trade measures today that further divide U.S.-Russian business relations. Specifically, Biden said he is working with Congress to deny Russia its most-favored-nation trade status, which gives its goods preferential treatment. Congressional Trade Bills Hill lawmakers have introduced bills in the House and Senate, H.R. 6835, S. 3717 and S. 3722, to withdraw the Permanent Normal Trade Relations with Russia. It's fair to say the bills have bipartisan support in the U.S. Congress. Rep. Lloyd Doggett, D-Texas, a high-ranking member of the tax committee, is the lead sponsor of one of the bills. "Russia must be denied the benefit of the ...
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As Sanctions Against Russia Ramp Up, US Blocks Central Bank
28Feb By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Global Economics, Globalization, Global Disintegration, Sanctions, Types of News: Brief

As Sanctions Against Russia Ramp Up, US Blocks Central Bank

The Russian Ruble fell Monday to its lowest level on record. February 28, 2022--The United States added Russia's central bank to its list of targeted sanctions against that country's war on Ukraine. As a result, Americans are barred from doing any business, such as purchasing bonds, with Russia's central bank. The block on the secondary market for ruble or non-ruble denominated bonds for U.S. investors goes into effect immediately. Furthermore, the U.S. Treasury imposed sanctions on Russia's National Wealth Fund, its Ministry of Finance, and the Russian Direct Investment Fund, its CEO and two of its subsidiaries. Global Sanctions in Action Banks around the world started implementing sanctions imposed not only by the United States, but also the European Union, United Kingdom, Ca...
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United Nations Holds An Emergency Special Session
28Feb By Patti MohrNo Comments
Diplomacy, International Law, Legal Battles, Sanctions, Types of News: Brief, Types of News: Videos, UN Security Council

United Nations Holds An Emergency Special Session

https://www.youtube.com/watch?v=9CdY7t5VKIY February 28, 2022--In only the 11th time in its history, the United Nations is holding an emergency special session in its 193-member General Assembly today. It comes on the fifth day of Russia's war on Ukraine. Members are not only discussing Ukraine's territorial integrity and Russia's breach of that, they are meeting to uphold the UN Charter. As a result of the emergency session, 141 countries voted to condemn Russia’s military assault on Ukraine, uphold the UN charter and call for an immediate end to the bloodshed. Read more: In An Emergency Session, 141 Nations Condemn Russia's Military Actions in Ukraine.
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South Korea Joins G7 Countries In Condemning Russian Invasion
25Feb By Patti MohrNo Comments
Diplomacy, Sanctions, Types of News: Brief

South Korea Joins G7 Countries In Condemning Russian Invasion

February 25, 2022--South Korea's Foreign Ministry today condemned Russia's armed invasion of Ukraine and promised to respond with economic sanctions against Russia. Up until today, the country stopped short of outright condemning the actions even while voicing support for Ukraine's territorial integrity. "As a responsible member of the international community, the Korean government will support and join the international community’s efforts, including economic sanctions, to curb armed invasion and resolve the situation peacefully," the South Korean Foreign Ministry said today in a press release. Previously, South Korean Spokesperson Choi Youngsam had expressed "serious concern" and directed people to a Feb. 22 statement in which the ministry urged the parties "to continue to seek a p...
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G7 Countries Coordinate Actions Against Russian War
24Feb By Patti MohrNo Comments
Diplomacy, Sanctions, Types of News: Brief

G7 Countries Coordinate Actions Against Russian War

UK, US Intensify Sanctions Against Russian Entities Feb. 24, 2022--Leaders of the G7 countries held an emergency meeting today in response to Russia's attack on Ukraine. The members include the United Kingdom, the United States, Canada, Japan, Germany, France and Italy. They along with the European Union coordinated plans to accelerate financial penalties and restrictions against Russia. In no uncertain terms in their statement, the leaders condemned Russia's war on Ukraine as well as participation by Belarus: "We the Leaders of the Group of Seven (G7) are appalled by and condemn the large-scale military aggression by the Russian Federation against the territorial integrity, sovereignty and independence of Ukraine, directed partly from Belarusian soil," the leaders said. "This...
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International Community Responds to Russia’s Breach of Ukraine’s Borders
23Feb By Patti MohrNo Comments
Diplomacy, International Law, Legal Battles, Sanctions, Types of News: Brief

International Community Responds to Russia’s Breach of Ukraine’s Borders

February 23, 2022—The international community rallied support for Ukraine and joined the United States in issuing new sanctions against Russia. It comes after Russian President Vladimir Putin ordered his troops into rebel-held regions of eastern Ukraine after recognizing them as independent states. Today, leaders from Poland and Lithuania stood by the side of Ukrainian President Volodymyr Zelenskyy in a news conference as he asked for an "immediate and harsh" response by the international community. And respond, they did. The European Union, the United Kingdom, Japan, Australia and Canada announced new sanctions against Russia. This follows yesterday's announcement by U.S. President Joe Biden about the "first tranche of sanctions." In some cases, like those in the United Kingdo...
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