A woman waits for a tram in downtown Kyiv, Ukraine, February 17 2022. Picture: REUTERS/CARLOS BARRIA
The US package would expand a technology export ban to include any goods made with US components or software, as well as proposed sanctions against specific Russian billionaires. But sanctions experts say more than any other measure, aggressive action against Russia's state banks would hit its economy the hardest.
He said, “We could get the impression that all this information noise and all these claims that Russia is about to attack Ukraine are being made to further contain Russia and to create a reason to impose further sanctions — and so they are speaking about these hellish sanctions.” Sberbank, VTB and the Russian Central Bank declined to comment. Gazprombank and Rosselkhozbank did not respond to requests for comment.The nature of the sanctions are likely to hinge on the scale of a Russian invasion.
The proposed state bank sanctions would include a system of waivers, licences and wind-down periods to ensure payments for dollar-denominated commodity contracts and debt payments could be made, the sanctions experts said. Former senior US sanctions officials said this confidence is misplaced as the dollars would still have to ultimately go through a US clearing bank to convert them.
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