What to Know About the Sanctions Placed on Russia
After surviving the United Nations’s “economic blitzkrieg,” as Russian President Vladimir Putin calls it, he then goes on to say that there is a very real way to find traction in the Russian economy after getting through the beginning of the sanctions. Sanctions that are used to specifically cripple their military include dual use goods, items that could be used for civilian or military use, machine parts for repairing tanks, and the hiring of groups who are suspected of being mercenaries. Other sanctions are intended to harm Russia’s government or its economy with many powerful individuals within Russia having sanctions put specifically against them. Sanctions have also been in place against flights in and out of Russia, gas and oil, luxury goods, and some new sanctions against Russian technology companies. More details on the sanctions can be found explained by the BBC.
Business Insider detailed Putin’s address to the nation. While Putin’s words seem to show that Russia will have the means to pull themselves out of these economic troubles, they have recently struck a very favorable deal for India to stimulate some movement of their oil trade after being cut off due to more sanctions.
Other than looking to India as an option out of these sanctions, Russia has been suspected of petitioning their ally China for multiple types of aid in their efforts. This move is no surprise from Russia’s end, but the actions China is going to take that we need to be worried about. According to Ukrainian Parliament member Maryan Zablotskyy, if China were to refuse their aid to Russia, it would be a “major blow to the country”. The position that Zablotskyy expresses is one that seems to be relatively common. With this potential shift in power, China has a lot to consider before officially making a stance as the rest of the world waits and tries to sway China towards one decision or another. Until the past few days, it seemed as if this option was not even on China’s radar until we have seen action of China “hedging their bets,” by confirming again to Ukraine that China supports Ukraine’s sovereignty, actions that seem to have given the Biden administration hope for a favorable choice. More information on this development can be found on The Guardian.
For updates on Russia’s war on Ukraine, go to the Associated Press’ Hub for all the news.