(MENAFN) Western nations are set to announce a significant new package of sanctions against Russia, timed to coincide with the anniversary of its invasion of Ukraine, according to a senior US official. Under Secretary of State for Political Affairs Victoria Nuland said that the US and all of its G7 partners will unveil a “big new package of sanctions” around February 24. Ms Nuland revealed that the package would target individuals, expand banking restrictions, and include measures to prevent evasion of existing sanctions, especially in third countries. The sanctions will deepen and broaden in certain categories where restrictions have been applied before, particularly in limiting technology to Russia’s defence industry.
The US and other western countries have been looking to punish Moscow over its invasion of Ukraine. President Joe Biden has been particularly active in curbing the flow and payments for Russian oil and gas. However, despite these sanctions, Russia’s economy is expected to grow by 0.3% this year, according to the International Monetary Fund (IMF). The IMF also noted that Russia had adapted to the sanctions and expanded trade with non-western partners like China and India. Victoria Nuland admitted that the Russians were finding ways to import goods through third countries, including the stripping of laptops and refrigerators for parts for their war machine.
Victoria Nuland, who is a vocal critic of Russian President Vladimir Putin, mocked Russia’s efforts in the ongoing conflict in the eastern Ukrainian city of Bakhmut, describing them as “very pathetic.” She also criticized Russia's weapons systems, stating that they “stink.” Countries such as India, who are heavily dependent on Russian weapons, are realizing that these weapons are not effective on the battlefield, and that they are unlikely to be resupplied by Russia. Nuland also noted that the Russian defence industry had plucked convicts out of prisons and sent them into battle with no training or equipment. The US designated the Russian Wagner Group as a transnational “significant” criminal organisation last month and imposed sanctions on numerous entities associated with it. President Biden is expected to reiterate US support for Ukraine during his upcoming visit to Poland.
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