Yesterday different countries from the West imposed new sanction on Russia. Japan also announced sanctions for Russia, on moving military personnel toward Ukraine in disputed areas.
Banks and other major business companies are being targeted by the United States and other countries like Japan. Operations of these banks and companies will be halted under sanctions. Germany has already terminated its Gas pipeline plan. The movement of the Russian army towards borders is already being considered an Invasion.
United States President Joe Biden said in an interview that Russia is planning to occupy a large part of Ukraine through invasion. A firm from the United States claimed that several movements regarding military operations were observed in a day, near border areas in western Russia, through satellite images.
The Ukrainian military claimed that one soldier was killed and many injured due to shelling in a period of 24 hours. It also claimed that heavy artillery, mortars, and Grad rocket systems were used.
Meetings of French and United States officials with Russian officials were canceled as it is assumed that diplomacy over the crisis is failing. The United States also announced sending their military personnel, jets, and other equipment to Ukraine.
In response, the Russian president said that Russia was always open to diplomatic solutions, but they will not compromise the country’s security. The interests of Russia and its citizens will not be compromised under any condition. Russian officials are demanding security guarantees along with the demand of Ukraine not being part of NATO ever.
The most prominent sanction announced yesterday was, Germany discontinued a major gas pipeline, a project of around $11 billion. After this announcement by Germany, it is expected that gas prices will rise in different countries. A Russian official warned, gas prices could double in a short span.
The United States sanctions target Russian elites and two state-owned banks, removing them from the country banking system, banning them from doing business with citizens, and freezing their assets in the United States. They also seek to refuse the Russian government access.
President Biden said that while more sanctions were being prepared in the event of a full-scale invasion, it was critical to ensure such measures did not hurt Americans in the form of steeper energy costs.
Crude oil reached its highest levels since 2014. A United States official said sanctions that could be imposed in the near future “will not target oil and gas flows“.
The United Kingdom also announced sanctions on three billionaires with close links to the Russian president.