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05/05/2024 06:47:10 am

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U.S. Works With EU To Straighten Economic Sanctions For Russia

President Barack Obama

(Photo : REUTERS/Larry Downing) President Barack Obama addresses the ISIS issue but did not explain further what the next moves will be during his White House Address in the James Brady Press Briefing Room of the White House.

U.S. officials are actively participating in organizing sanctions for Russia as the European Union (EU) is determined to penalize Moscow for worsening the tension in Ukraine last week.

The five-month-long conflict between Ukraine and Russia came close to an end but recent reports about Russian soldiers crossing the border has heightened tensions.

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On Saturday, EU leaders announced that they settled options for the possible new sanctions for Russia. They also talked about back-up plans if and when Moscow decides to pull out from intervening with Ukraine.

On the same day, a spokeswoman for the White House National Security Council confirmed that the U.S. is discussing sanctions and other ways to hold Russia accountable for the illegal actions they committed against Ukraine.

In line with this, a State Department official stated that the U.S. is working closely with Europe and its other allies. However, the official made it clear that the sanctions would not be announced to the public.

European Council President Herman Van Rompuy clarified that they will not set specific criteria for the planned sanctions. Everyone is fully aware that the council has to act quickly since the situation is escalating fast.

U.S. President Barack Obama mentioned this issue during his White House Address on Thursday. He noted that the sanctions against Russia are already effective since they pointed out the weakness of Russia's financial market. 

In relation to this, the U.S. sanctions were reportedly designed to pressure those who are close to the decision makers of Russia.

The sanctions carefully considered since Russia's economy and trading has a huge effect on Europe as well as other neutral countries. Business leaders are more concerned with the long-term effect of the sanctions as well as Russia's future growth economically, reports said.

The first sanctions from U.S. and Europe urged Russian nationalist politicians to pressure Western companies doing business in their country, according to a source. Russia's consumer regulator has reportedly shut down multiple branches of McDonald's Corp in Moscow since the conflict began.

The U.S. blocked companies and individuals from providing financial support for major companies as well as transferring technology for Russia's energy industry.

Several lawmakers reacted to the said sanctions being prepped up. Europe and U.S. lawmakers questioned the effectivity of the planned sanctions and for tougher sanction programs.

Senator John McCain of Arizona said stronger sanctions are needed. He also said he will back the Ukrainian army by providing more arms.

Senator Dianne Feinstein, the chairman of the Senate Intelligence Committee, pointed out the bravery and strength of the Russians. She said they will be able to make it through any economic difficulty.

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