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Tuesday, May 30, 2023

US Treasury to Attempt Coercing European Countries Into Implementing Sanctions Against Russia

US Treasury to Attempt Coercing European Countries Into Implementing Sanctions Against Russia – The U.S. government plans to use forceful measures to disable Russia’s trade relations with companies and countries in Europe. Two officials from the U.S. Treasury Department are scheduled to visit Europe later this month to prevent any kind of support from European countries to the Russian Federation, as reported by AP.

Liz Rosenberg and Brian Nelson, officials from the Treasury, are scheduled to visit Italy, Switzerland, and Germany as part of their tour. During their travels, they will engage with companies and financial institutions with the aim of persuading them to sever their connections with Russia. If these entities do not comply, they may face trade restrictions with countries that represent half of the world’s economy.

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As part of the tour, Kazakhstan will also be visited with the aim of preventing the country from providing material or intelligence assistance to Russia. US officials and politicians highlight that the economic sanctions have led to the slow growth of Russia, however, analysts argue that these measures have had a detrimental effect on the United States. The sanctions have prompted other nations to search for and promote alternatives to the US dollar in international markets.

Russia has found ways to bypass certain sanctions by redirecting its production to alternative markets that have not enforced them. One such instance is Russia’s sale of oil to India using the Dubai benchmark, which is priced higher than the $60 limit set by G7 countries and the European Union on December 3, in an effort to curb the country’s revenue.

French President Emmanuel Macron has recently clarified his stance on the role of Europe in these matters. For him, the European Union often gets caught in third-party affairs, being considered by other countries as “America’s followers,” something that does not allow the bloc to achieve strategic autonomy.

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President Joe Biden has recently prolonged a range of sanctions that target Russian companies, politicians, and the country’s military-industrial complex, citing Russia’s persistent threat to the United States. To diminish Russia’s capacity in the Russia-Ukraine conflict, billions of dollars belonging to Russian oligarchs and the Russian central bank have been frozen.

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