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US imposes sanctions on Russia : America has announced new and unprecedented sanctions on Russia’s energy industry. Outgoing US President Joe Biden has imposed the toughest sanctions ever on Russia. The purpose behind this step of America is to reduce the revenue that Russia is getting for the war in Ukraine. It is noteworthy that Russia has sold large quantities of oil to India and China. But now due to these new and unprecedented sanctions of America, Russia’s oil sales may decrease, which will have a deep impact on India and China.
America’s allies also imposed sanctions
Along with America, its two important allies Japan and Britain have also announced sanctions on Russia. In America’s new announcement, bans have been imposed on more than 200 institutions and people, which include insurance companies, traders and oil tankers.
US to provide $500 million additional military aid to Ukraine
According to the report of South China Morning Post, outgoing US President Joe Biden has announced additional military aid of $ 500 million for Ukraine. Just a day after this, these unprecedented sanctions have been imposed on Russia. The US has added Gazprom Neft and Surgutneftegas, two of Russia’s most important oil producers and exporters, and their subsidiaries to the US Treasury Department’s sanctions list.
If the ban is implemented properly then Russia’s revenue will decrease.
“We are increasing the sanctions risk associated with Russia’s oil trade, including shipping and financial facilities in support of Russia’s oil exports,” the US Treasury Department said in a statement. Experts said, “If these sanctions are implemented properly, it could reduce Russia’s revenue and increase the cost to Russia by billions of dollars every month.”
What will be the impact of sanctions on India and China??
However, it will be interesting to see how much the US sanctions will deter the biggest buyers of Russian oil. These buyers include countries like India, China, Türkiye, Brazil, which are buying record quantities of oil from Russia. At the same time, experts said, “All these countries can defy these restrictions like the sanctions imposed in the past. The biggest reason for which is transactions in non-dollar currency.”
