By John Meyer, financial consultant – Eurasia Business News, February 26, 2022
US Treasury building in Washington D.C., United States. Photo credit : Eurasia Business News.
The United States, in coordination with allies and partners, decided to respond on February 25 to Russia’s military operation in Ukraine by imposing sanctions on President of the Russian Federation Vladimir Putin and the Minister of Foreign Affairs, Sergey Lavrov, as well as other members of Russia’s Security Council. These individual sanctions come after economic sanctions taken against the core infrastructure of the Russian financial system, including sanctions against Russia’s largest financial institutions, restricting the ability of the Government of the Russian Federation to raise capital, and cutting it off from access to critical technologies.
Cumulatively, these actions impose unprecedented diplomatic and economic costs on Russia and further isolate it from the global financial system and international community.
US Treasury see the Russian President Putin and Minister Lavrov as directly responsible for Russia’s military operation in Ukraine, a country that Washington considers a democratic sovereign state.
Experts will immediately understand that such sanctions against a head of state are extremely rare, and usually target leaders like as Kim Jong Un, Alyaksandr Lukashenka, and Bashar al-Assad.
In addition, the U.S. Department of State designated on February 25 two additional Government of Russia (GoR) officials and members of Russia’s Security Council directly responsible for the further invasion of Ukraine: Minister of Defense of the Russian Federation, Sergey Shoigu, and Chief of the General Staff of the Russian Armed Forces, First Deputy Minister of Defense, and General of the Army Valery Gerasimov. US Treasury has previously designated eleven members of the Russian Security Council and state that the US will continue to impose costs on the ruling elite of Russia.
“We are united with our international allies and partners to ensure Russia pays a severe economic and diplomatic price for its further invasion of Ukraine. If necessary, we are prepared to impose further costs on Russia for its appalling behavior on the world stage.” said Secretary of the Treasury Janet L. Yellen.
The United States continues to work closely with partners and allies to impose severe consequences for Russia’s actions against Ukraine. Sustained financial diplomacy over several months on a near daily basis with partners and allies at every level has strengthened the unity of purpose, resolve, and technical coordination on impactful measures that will be felt deeply in Russia.
Today’s actions demonstrate that sanctions will continue to strike directly at those most responsible for Russia’s hostile actions against its neighbors, including the most powerful and wealthy Russian elites.
Sanctions of February 25 were taken pursuant to Executive Order (E.O.) 14024, which authorizes sanctions against Russia for its foreign activities, including “violating well-established principles of international law” such as respect for the sovereignty and territorial integrity of other states.
OFAC designated Putin and Lavrov pursuant to E.O. 14024 for being or having been a leader, official, senior executive officer, or members of the board of directors of the Government of the Russian Federation.
In previous actions, OFAC designated the following 11 members of the Russian Security Council and stated that it will designate more in the future if Russia’s military operation against Ukraine continue.
Valentina Matviyenko, Chairwoman of the Council of Federation ;
Sergey Naryshkin, Director of the Foreign Intelligence Service ;
Vyacheslav Volodin, State Duma Speaker ;
Sergey Ivanov, Special Presidential Representative for Environmental Protection, Ecology, and Transport ;
Nikolai Patrushev, Secretary of the Russian Federation Security Council ;
Vladimir Kolokoltsev, Interior Minister ;
Alexander Bortnikov, Director of the Federal Security Service ;
Igor Krasnov, Prosecutor General ;
Igor Shchegolev, Presidential Plenipotentiary Envoy to the Central Federal District ;
Vladimir Ustinov, Presidential Plenipotentiary Envoy to the Southern Federal District ;
Viktor Zolotov, Director of the Federal Service of National Guard Troops and Commander of the National Guard Troops ;
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