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Friday, June 21, 2024

Joe Biden: Over 500 New Sanctions Against Russia

According to a statement from the White House, President Joe Biden announced over 500 new sanctions against Russia. This move comes on the eve of the second anniversary of Russia’s invasion of Ukraine.

The Evolution of Sanctions

Sanctions have been an important tool in response to Russia’s actions in Ukraine. Initially, the sanctions focused on specific individuals and entities directly involved in the annexation of Crimea in Eastern Ukraine. The sanctions have expanded significantly following the 2022 invasion.

The latest round of sanctions announced by Biden targets individuals connected to the imprisonment of Aleksey Navalny. The sanctions also aimed at slowing Russia’s financial sector, defense industry, and procurement networks. These measures aim to increase the cost of aggression for Russia and signal unwavering support for Ukraine’s sovereignty and democratic aspirations.

The Start of the Conflict

The immediate precursor to the war was the 2014 Ukrainian revolution, which led to the ousting of pro-Russian President Viktor Yanukovych. In response, Russia annexed Crimea in March 2014. This move was widely condemned by international leaders and led to the first set of sanctions against Russia.

Following the annexation of Crimea, pro-Russian separatists in the Donetsk and Luhansk regions of Eastern Ukraine declared independence, leading to a conflict that has, over the years, escalated into a full-scale war. The situation further deteriorated in February 2022 when Russia launched a large-scale invasion of Ukraine, aiming to demilitarize the country.

The Impact of Sanctions

Restrictions on access to international financial systems, technology, and markets have slowed Russia’s economic growth and its military-industrial complex.

The sanctions have isolated Russia from the world. Nations imposing sanctions, led by the United States and including most European countries, Canada, Australia, and Japan, show a unified stance against Russia’s actions in Ukraine.

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Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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