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Business Maverick: US, EU to Hit Russian Investments With New Round of Sanctions

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The US, European Union and G7 are coordinating on a fresh round of sanctions on Russia, including a US ban on investment in the country and an EU ban on coal imports, after the discovery of civilian murders and other atrocities in Ukrainian towns abandoned by retreating Russian forces.

The governments plan to increase penalties on Russian financial institutions and state-owned enterprises and will sanction unspecified Russian officials and their family members, said White House Press Secretary Jen Psaki.

“You can expect that they will target Russian government officials, their family members, Russian-owned financial institutions, also state-owned enterprises. It’s a part of the continuation of our efforts to put consequences in place, hold Russian officials accountable,” Psaki told reporters Tuesday, adding that an announcement would come Wednesday.

The Kremlin has denied responsibility, claiming without evidence that the Kyiv government staged the incidents. Earlier Tuesday, European Commission President Ursula von der Leyen said the EU is proposing to ban most Russian ships and trucks from entering the bloc, as well as Russian coal imports. The EU will also push ahead with a debate on targeting Russian oil, she said — a sensitive issue in Europe, where many countries are dependent on Russian fuel imports.

 

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