The West is still financing Putin’s war
The current sanctions are not enough.
Every day, the US, UK and EU buy more than $700m of oil, gas and other commodities from Russia, financing Putin’s neo-colonialist ambitions and its invasion of Ukraine. Some of Russia’s largest state-owned companies which are key for the commodities trade have not been sanctioned.
More sanctions must be put in place NOW.
Following the start of Russia’s unprovoked invasion of Ukraine on the 24th of February, the US, UK and EU have announced an unprecedented and ambitious set of sanctions against the Russian Federation.
However, on Monday 28th of February, the Russian army changed its strategy and started shelling Ukrainian residential areas. Civilians are no longer the collateral victims of Russian attacks against Ukrainian military forces and points of strategic importance – civilians are now the main targets of the Russian military.
The US, UK and EU must urgently increase their sanctions to severely hit the Russian economy and create stronger incentives for Putin to stop the war and the massacre of innocent Ukrainian citizens.
The US, UK and EU should implement the following sanctions without delay.
1. Cancel the one-month grace period of US initial sanctions.
2. Sanction all Belarusian and Russian banks, freeze all assets, and put them all on the US Specially Designated Nationals (SDN) list.
3. Impose restrictions on ruble clearing.
4. Disconnect all Russian and Belorussian banks from SWIFT, not just a “select” number.
5. Impose a blanket ban on US public sector pension funds holding Russian assets.
6. Impose total export controls, including on technology/electronics.
7. Ban trading with all Russian energy and commodity companies.
8. Seize all crypto-wallets linked to Russia.
9. Sanction all Duma members and all members of the Russian government.
10. Sanction the top 100 Russian oligarchs, not just a few.
What can you do?
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