Marwa Shaheen - Beth:

While the leaders of European and Western countries are racing to denounce and denounce Russian President Vladimir Putin's move to recognize the republics of Lugansk and Donetsk, talk has begun about imposing strict sanctions on Russia by the United States, the European Union and their allies.

European sanctions

The European Union imposed sanctions on 27 Russian individuals and organizations, including banks. It also limits Russia's access to European financial markets, cuts off access to funds from European Union banks, and prohibits trade between the European Union and the two rebel-held regions.

The sanctions included 351 members of the Russian State Duma, the lower house of the Russian parliament.

At a press conference, Josep Borrell, the EU's foreign policy and security chief, explained that the sanctions include banks that finance Russian decision-makers and any activity in the breakaway regions.

British Prime Minister Boris Johnson announced the imposition of sanctions on five Russian banks and three wealthy Russian businessmen. Commenting on these sanctions, Johnson said, "This is the first batch... and we are preparing to impose more sanctions."

Turning to Germany, German Chancellor Olaf Schultz announced yesterday, Tuesday, the suspension of the Nord Stream 2 natural gas pipeline project, following the Russian decision. ».

US sanctions

Yesterday, Tuesday, the US President announced the first batch of sanctions that would isolate Russia from the Western financial system, and these sanctions target the Russian elites in addition to some financial institutions, and Biden threatened to take tougher steps if Russia continued its aggression, and added, “There is no doubt about the Russia is the aggressor, so we clearly see the challenges we face.”

As for the details of the sanctions, Biden announced a complete ban on both the Russian State Development Bank and the Military Bank, which likely means freezing the foreign assets of these two institutions that will prevent Russia from using the American financial system.

And a statement from the US Treasury said that the United States imposed sanctions on the Russians (VIB Bank) and Promsviaz Bank, after Russia formally recognized the independence of two breakaway regions in eastern Ukraine.

Commenting on these actions by the United States of America, Secretary of the Treasury Janet Yellen said in a press release that "the actions taken today, in coordination with our partners and allies, begin the process of dismantling the Kremlin's financial network and its ability to fund destabilizing activity in Ukraine and around the world."

In this context, US Secretary of State Anthony Blinken said that Putin's plan was always to invade Ukraine and make it part of Russia, and that this is the biggest threat in Europe since World War II, and added at a press conference with his Ukrainian counterpart in Kiev, that US sanctions will deprive the Russian government of Entry into the primary investor markets.

Sanctions by US and EU allies 

On the Australian side, Australian Prime Minister Scott Morrison announced that his country will impose sanctions on some Russian individuals and Russian financial institutions, due to its recognition of the independence of the separatist Donetsk and Lugansk regions.

Japanese Prime Minister Fumio Kishida also announced the imposition of sanctions on Russia over its actions in Ukraine, and the sanctions include banning the issuance of Russian bonds in Japan, and freezing the assets of some Russian individuals.

Impact of sanctions on Russia

In this context, Soraya Al-Farra, a professor of political science at Moscow University, said in an interview with a Western media outlet, “Of course, there will be no military response by the West to Putin’s declaration of recognition of the Donbass republics, and economic sanctions will be imposed on Moscow and the two republics instead. And the sanctions will be relatively broad, as the aim of igniting this crisis is mainly by the West, to weaken and exhaust Russia and drain its rising power, and although Russia has a very large reserve of gold estimated at billions of dollars, severe sanctions may raise questions about its ability. to withstand it if it continues for many years.”

And she added: “Sectors such as energy and industry will be greatly affected, as Moscow imports space equipment from Washington, and this directly affects the most important areas of industry in the strategic and scientific sense, which is the space exploration and conquest sector, but there is no problem in the availability of goods, products and fuels in Russia, being available and self-sufficient in these basic areas, but the problem in the event of imposing sanctions lies in creating heavy burdens on the shoulders of Russian citizens, as prices will rise and prices will spread, and as usual with all sanctions, the citizen is the first and last victim.

Russia's position on sanctions

And about the Russian comment on this harsh wave of international sanctions, the Russian ambassador in Washington, Anatoly Antonov, said that Western sanctions against his country will hit global markets and affect the welfare of Americans, but they will not force Moscow to change its foreign policy, and added, “There is no doubt The sanctions imposed on us will harm the global financial and energy markets, and will not exclude the United States, where ordinary citizens will feel all the consequences of high prices, stressing that sanctions against Russia will not solve anything.

Ukrainian position

Ukrainian Foreign Minister Dmytro Kuleba described US President Joe Biden's imposition of a set of sanctions on Russia as a strong first step, and Kuleba said in an interview with an American media outlet that his country had received an American promise to obtain more weapons.

For his part, Volodymyr Zelensky, President of Ukraine, said that countries that should help Ukraine solve the current crisis with Russia are being selected and updated, noting that sanctions may not be enough to take and solve this complex crisis.

And Zelensky added, “Biden, the president of France, Britain and a number of other presidents support us, and they are ready to provide military and moral support, in addition to sanctions because of this interference, and we will work to strengthen our forces regardless of whether we join NATO or not, and we must strengthen and strengthen the Ukrainian army.” And no one wants war.”