According to experts, as a result of these sanctions, Russia may lose the status of a power with a large economy.
The United States and its partners in the G7 and the European Union are introducing new, tough and immediate measures against the Putin regime in response to its actions in Ukraine, including the atrocities of the Russian military in the city of Bucha.
“We will document all these atrocities and use all available mechanisms to bring to justice all those responsible,” the White House press release emphasizes.
As part of these measures, President Joe Biden signs a decree banning new investments in the Russian economy. In addition, sanctions are being imposed against Sberbank, the largest financial institution in the Russian Federation, which accounts for up to a third of all banking assets, as well as against Alfa–Bank, the country’s largest private bank.
Sanctions are also being imposed against a number of Russian officials and their family members. The White House said that, among others, they will affect the adult daughters of Vladimir Putin, the wife and daughter of Russian Foreign Minister Sergei Lavrov.
The sanctions list includes members of the Russian Security Council, including Dmitry Medvedev and Prime Minister Mishustin.
These financial restrictions represent the most effective and large-scale set of such measures in recent history.
Analysts predict that the result of the measures introduced by the West will be that the volume of the Russian economy will shrink by 15 percent this year. Consumer prices in Russia have already increased by about the same amount – just over 15 percent.
More than 600 large and small foreign companies have left the Russian market. Thus, the flow of American exports to Russia has almost stopped, having decreased by 99%.
The growing economic, financial and technological isolation of Russia will eventually lead to the fact that the country will lose its status as a world power with a large economy, Western experts believe.