US open to idea of stringent sanctions against Russia, will consult with G7: Joe Biden

President Joe Biden stated on May 4, Wednesday that US ministration is open to considering idea of imposing ditional embargoes against Russia, and that country will consult with partners in Group of Seven vanced economies on matter. Biden was responding to a query from reporters at White House regarding EU's intention to implement a sixth package of restrictive measures against Russia. 

"With regard to ditional sanctions, we’re always open to ditional sanctions. I'll be speaking with members of G7 this week about what we’re going to do or not do," Joe Biden stated.

In meantime, European Union has proposed more measures against Russia, including a ban on Russian oil imports by end of this year. se are most recent in a series of financial responses by Western countries to invasion of Ukraine. y are intended to harm Russia's economy while also punishing Russian President Putin, his top officials, and those who have benefited from his reign.

Sanctions EU considering to impose

In six months, EU crude oil imports will be phased out, while refined goods will be phased out by end of 2022. Sberbank, Russia's largest bank, as well as Credit Bank of Moscow and Russian Agricultural Bank, have been disconnected from Swift international payments system, which allows money to be transferred across borders. Furrmore, three Russian state-owned brocasters have been cut off from EU via cable, satellite, and internet. 58 Russians have been sanctioned, including those implicated in war crimes in Bucha and Mariupol siege.

Sanctions against oligarchs, banks, businesses, and significant state-owned enterprises, as well as exports, have become increasingly common in Western countries. To prevent Kremlin from accessing its $630 billion (£470 billion) in foreign currency reserves, central bank's assets have been blocked.

Moreover, ruble lost 22% of its value as a result, driving up cost of imported products and driving up Russia's inflation rate by 14%. rouble has now recovered, owing largely to Moscow's efforts to support it. Moreover, US has prevented Russia from paying its debts with $600 million it has in US banks, making it more difficult for Russia to fulfil its foreign debts. 

(With agency inputs)

Image: AP