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Russian economy nightmare as Putin about to slapped with ‘ban on ALL new investments’ | World | News

A US official with direct information of the dealings has stated that the measures will embrace a ban on all new investments in Russia, in a harsh blow for Vladimir Putin’s ailing stewardship of the nation’s economy. Russia has already been onerous hit by financial sanctions which have seen banks lower out of economic techniques, a weakened rouble and companies’ worldwide belongings frozen.

Bloomberg is reporting this night that the western Governments are additionally anticipated to enhance the variety of sanctions on Russian monetary establishments and state-owned firms.

The official additionally claimed the new measures will goal Russian officers and their households.

The contemporary package deal of sanctions is claimed to be designed to inflict acute and fast financial hurt on Russia, to additional restrict Putin’s energy.

Earlier at present (Tuesday), the EU stated it could additionally transfer to ban imports of Russian coal, one thing of which it has been closely reliant on.

Putin’s daughter might also be a goal of the new measures, in accordance to the Bloomberg report.

The newest sanctions come following the emergence of stunning footage from the reoccupied metropolis of Bucha, to the north of Kyiv, which present proof of atrocities towards civilians.

Ursula von der Leyen, the European Commission President, stated at present (Tuesday) that in answer to the “gruesome pictures”, the EU would search to lower itself freed from Russian coal imports.

Russian coal accounted for round 30 p.c of the EU’s consumption in 2020,

Currently, the EU attracts 45 p.c of its fuel provide from Russia, and 25 p.c of its oil imports.

The bloc’s reliance on Russian fossil fuels – particularly Germany and its heavy business – has led to requires the EU to ban imports from Russia.

Putin’s economy is closely reliant on the sale of Russia’s wealthy fossil gas reserves, and financing of the state comes partially from public oil firms such as Gazprom and Rosneft.

The EU had confronted criticism in latest weeks that its sanctions thus far weren’t far-reaching sufficient to cut back the bloc’s reliance on Russia, such that Putin couldn’t use the financial ties to damage the West.

In latest days there have been experiences that Germany was trying to stall additional sanctions that had been doubtless to damage its economy.

The European Commission’s ban on Russian coal nonetheless requires the approval of all 27 member states. 

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