Ukraine Bans All Imports From Russia, Urges Harsher Economic Sanctions on Moscow.

A member of the Ukrainian State Border Guard Service stands guard at the Goptovka crossing point on the border between Russia and Ukraine in Kharkiv Region, Ukraine November 28, 2018. REUTERS/Vyacheslav Madiyevskyy
A member of the Ukrainian State Border Guard Service stands guard at the Goptovka crossing point on the border between Russia and Ukraine in Kharkiv Region, Ukraine November 28, 2018. REUTERS/Vyacheslav Madiyevskyy
TT

Ukraine Bans All Imports From Russia, Urges Harsher Economic Sanctions on Moscow.

A member of the Ukrainian State Border Guard Service stands guard at the Goptovka crossing point on the border between Russia and Ukraine in Kharkiv Region, Ukraine November 28, 2018. REUTERS/Vyacheslav Madiyevskyy
A member of the Ukrainian State Border Guard Service stands guard at the Goptovka crossing point on the border between Russia and Ukraine in Kharkiv Region, Ukraine November 28, 2018. REUTERS/Vyacheslav Madiyevskyy

Ukraine has banned all imports from Russia, one of its key trading partners before the war with annual imports valued at about $6 billion, and called on other countries to follow and impose harsher economic sanctions on Moscow.

“Today we officially announced a complete termination of trade in goods with the aggressor state,” Economy Minister Yulia Svyrydenko wrote on her Facebook page on Saturday.

“From now on, no Russian Federation’s products will be able to be imported into the territory of our state.”

Since the start of Russia’s invasion of Ukraine on February 24, exchange of goods and services between the two neighboring countries has been virtually non-existent, but Saturday's move makes the termination of imports a law.

“The enemy’s budget will not receive these funds, which will reduce its potential to finance the war,” Svyrydenko said.

“Such a step of Ukraine can serve as an example for our Western partners and stimulate them to strengthen sanctions against Russia, including the implementation of the energy embargo and isolation of all Russian banks.”

Ukraine’s President Volodymyr Zelenskyy has repeatedly called on the West to boycott Russian oil and other exports and halt exports to Russia over its military assault.

The West has imposed numerous measures on Russia that have already isolated Moscow to a degree never before experienced by such a large economy and on Saturday British Prime Premier Boris Johnson said more sanctions are to come.



US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
TT

US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.
The move, which wields the department's most powerful sanctions tool, effectively kicks Gazprombank out of the US banking system, bans its trade with Americans and freezes its US assets, Reuters reported.
Gazprombank is one of Russia's largest banks and is partially owned by Kremlin-owned gas company Gazprom. Since Russia's invasion in February 2022, Ukraine has been urging the US to impose more sanctions on the bank, which receives payments for natural gas from Gazprom's customers in Europe.
The fresh sanctions come days after the Biden administration allowed Kyiv to use US ATACMS missiles to strike Russian territory. On Tuesday, Ukraine fired the weapons, the longest range missiles Washington has supplied for such attacks on Russia, on the war's 1,000th day.
The Treasury also imposed sanctions on 50 small-to-medium Russian banks to curtail the country's connections to the international financial system and prevent it from abusing it to pay for technology and equipment needed for the war. It warned that foreign financial institutions that maintain correspondent relationships with the targeted banks "entails significant sanctions risk."
"This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military," Treasury Secretary Janet Yellen said. "We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine."
Gazprombank said Washington's latest move would not affect its operations. The Russian embassy in Washington did not respond to requests for comment.
Along with the sanctions, Treasury also issued two new general licenses authorizing US entities to wind down transactions involving Gazprombank, among other financial institutions, and to take steps to divest from debt or equity issued by Gazprombank.
Gazprombank is a conduit for Russia to purchase military materiel in its war against Ukraine, the Treasury said. The Russian government also uses the bank to pay its soldiers, including for combat bonuses, and to compensate the families of its soldiers killed in the war.
The administration believes the new sanctions improve Ukraine's position on the battlefield and ability to achieve a just peace, a source familiar with the matter said.
COLLATERAL IMPACT
While Gazprombank has been on the administration's radar for years, it has been seen as a last resort because of its focus on energy and the desire to avoid collateral impact on Europe, a Washington-based trade lawyer said.
"I think that the current administration is trying to put as much pressure and add as many sanctions as possible prior to January 20th to make it harder for the next administration to unwind," said the lawyer, Douglas Jacobson.
Officials in Slovakia and Hungary said they were studying the impacts of the new US sanctions.
Trump would have the power to remove the sanctions, which were imposed under an executive order by Biden, if he wants to take a different stance, Jacobson said.
After Russia's invasion in 2022, the Treasury placed debt and equity restrictions on 13 Russian firms, including Gazprombank, Sberbank and the Russian Agricultural Bank.
The US Treasury has also worked to provide Ukraine with funds from windfall proceeds of frozen Russian assets.