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

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

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

In the meantime, the European Union has proposed more measures against Russia, including a ban on Russian oil imports by the end of this year. These are the most recent in a series of financial responses by Western countries to the invasion of Ukraine. They 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 the end of 2022. Sberbank, Russia's largest bank, as well as the Credit Bank of Moscow and the Russian Agricultural Bank, have been disconnected from the Swift international payments system, which allows money to be transferred across borders. Furthermore, three Russian state-owned broadcasters have been cut off from the EU via cable, satellite, and the internet. 58 Russians have been sanctioned, including those implicated in war crimes in Bucha and the 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, the central bank's assets have been blocked.

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

(With agency inputs)

Image: AP