US, UK and EU impose sanctions on Vladimir Putin and Sergei Lavrov
3.03.2022 | Kashish Khandelwal | National Law U. Delhi, IN FEBRUARY 26, 2022 10:30:51 AM | 1013
The US Treasury announced the sanctions just one day after it targeted the Russian financial system’s core infrastructure by sanctioning Russia’s largest financial institutions, restricting its ability to raise funds, and forbidding it from accessing critical technologies. The Treasury said that Putin and Lavrov are directly accountable for Russia’s invasion of Ukraine.
Further, the Treasury stated that while Putin perpetrated the “horrific aggression against Ukraine,” Lavrov promoted the false narrative that Ukraine is the aggressor. Due to the sanctions, all property and entities owned by the sanctioned individuals in the US will be blocked. Treasury Secretary Janet Yellen said, “if necessary, we are prepared to impose further costs on Russia for its appalling behavior on the world stage.”
Moreover, the EU also resolved to freeze the assets of Putin and Lavrov. Targeting 70% of the Russian banking market and state-owned companies, the EU also cut Russian access to capital markets, barred the listing of shares of Russian state-owned companies, and imposed measures to restrict financial inflows from Russia to the EU. It also introduced trade restrictions in the energy, transport, and technology sectors.
Furthermore, the UK’s Foreign, Commonwealth, and Development Office added the names of Putin and Lavrov to the UK Sanctions List, allowing the UK government to freeze the funds and economic resources of Putin and Lavrov for their involvement in destabilizing Ukraine.
The US and the EU also sanctioned several other members of Russia’s Security Council.