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Readers ask: What are the major sanctions imposed on Russia, and what could be the most crippling?

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Readers ask: What are the major sanctions imposed on Russia, and what could be the most crippling?

Readers submitted questions on financial sanctions imposed on Russia and what extra the US, European Union and different allies might do to penalize the nation. Like many readers, Matt Adler of Philadelphia needed to know: “What’s the hardest and harshest sanction that the world at giant might impose on Russia? What wouldn’t it take to make that occur?”

To get the reply we requested Ana Swanson, who has been writing in regards to the financial retaliation towards Russia and its ripple results throughout the globe.

The USA, the European Union and their allies have positioned intensive sanctions on Russia as a part of a multipronged technique to constrain its habits. Many Western international locations are taking motion to halt their vitality commerce with Russia and minimize the nation off from huge elements of the worldwide monetary system.

Western governments have additionally banned transactions with Russia’s central financial institution and sovereign wealth fund, forcing Russia to enact strict restrictions on capital flows to prop up the worth of its forex.

Western international locations have additionally frozen the belongings of Russian officers and oligarchs, banned exports of superior expertise to Russia and minimize some Russian banks off from SWIFT, basically barring them from worldwide transactions.

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Congress voted in early April to revoke Russia’s preferential buying and selling standing, a step that may impose larger tariffs on Russian exports, and to ban imports of Russian oil. The USA has additionally banned imports of Russian seafood, vodka, nonindustrial diamonds and different merchandise, and barred exports of luxurious gadgets to Russia. In late April, the White Home introduced that it might ban Russian ships from calling on American ports, steps already taken by Canada and European nations.

The European Union is nearing approval of an embargo on Russian oil that may be phased in over a interval of some months — a step beforehand seen as politically untenable due to its huge prices for Germany and its potential to disrupt politics across the area and improve vitality costs.

Nonetheless, there’s extra the international locations opposing Russia might do. Vitality commerce between Russia and Europe has not fallen off as sharply as some analysts anticipated, and Russia continues to be actively buying and selling a spread of products with non-Western international locations. At a time of hovering inflation and provide chain points, some governments have been hesitant to totally minimize off flows of Russian vitality and commodities. So long as Russia is exporting these key merchandise, international funds are nonetheless flowing again to Moscow.

Essentially the most complete sanction that Western international locations might impose can be a full financial embargo that may block different international locations from buying and selling with Russia, with no exceptions for oil and gasoline — the form of measure the US has taken towards Iran and North Korea. Whereas such a sweeping step would put extra strain on Russian leaders, it might rankle international buying and selling companions like China and India, which must cease buying and selling with Russia or face harsh penalties. It might additionally take a toll on the Russian populace and the worldwide economic system, slowing progress and additional fueling inflation.

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TVLine Items: Super Bowl to Stream Free on Tubi, Richard Jenkins Joins DTF St. Louis and More

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TVLine Items: Super Bowl to Stream Free on Tubi, Richard Jenkins Joins DTF St. Louis and More


Super Bowl LIX, How to Stream Free on Tubi, Schedule



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World leaders, US politicians react to Israel-Hamas cease-fire deal: 'Long-overdue news'

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World leaders, US politicians react to Israel-Hamas cease-fire deal: 'Long-overdue news'

Leaders in the U.S. and around the world commended the recent Israel-Hamas cease-fire deal on Wednesday.

Biden announced the terms of the cease-fire during a news conference Wednesday at the White House. It will consist of two phases and will take place over the next several weeks. 

The first phase, which is set to begin Sunday, “includes a full and complete cease-fire, withdrawal of Israeli forces from all the populated areas of Gaza, and the release of a number of hostages held by Hamas, including women and elderly and the wounded,” Biden said.

The second phase is contingent on Israel negotiating “the necessary arrangements,” to mark a complete end to the war.

BIDEN BALKS WHEN ASKED IF TRUMP DESERVES CREDIT FOR ISRAEL-HAMAS CEASE-FIRE DEAL: ‘IS THAT A JOKE?’

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Citizens gather on Place de la Republique to celebrate the cease-fire agreement in Gaza between Hamas and Israel in Paris, Wednesday. (Luc Auffret/Anadolu via Getty Images)

The response to the deal was overwhelmingly positive. New York Gov. Kathy Hochul said that she was “very encouraged” to see the cease-fire come to fruition.

“This is something I’ve called for many, many months over the last year since the horrific, barbaric attack on innocent civilians in Israel that occurred on October 7 of last year,” Hochul said. “My main priority has been bringing home the hostages.”

Rep. Ritchie Torres, D-N.Y., wrote on X that he felt “an indescribable sense of relief,” about the return of the hostages.

“The return of the hostages will mark the beginning of closure for Israelis and Jews, as well as countless others, who continue to be deeply affected by the indelible terror and trauma of October 7th,” Torres wrote. “The hostages have been brought home by the power of the world’s most powerful friendship – the US-Israel relationship.”

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The deal also attracted international attention. In a statement, British Prime Minister Kier Starmer called the cease-fire “long-overdue news.”

FOX NEWS GETS AN INSIDE LOOK AT IDF’S WAR AGAINST HAMAS

Israelis protest

Hundreds of people, demanding the immediate return of prisoners held by Hamas, gather with banners and photos of prisoners to protest against Israeli Prime Minister Benjamin Netanyahu and his government outside the Defense Ministry building in Tel Aviv, Israel, on Wednesday. (Stringer/Anadolu via Getty Images)

“[The Israeli and Palestinian people] have borne the brunt of this conflict – triggered by the brutal terrorists of Hamas, who committed the deadliest massacre of Jewish people since the Holocaust on October 7th, 2023,” Starmer said. “The hostages, who were brutally ripped from their homes on that day and held captive in unimaginable conditions ever since, can now finally return to their families.

“But we should also use this moment to pay tribute to those who won’t make it home – including the British people who were murdered by Hamas. We will continue to mourn and remember them. “

In an X post translated from French to English, French President Emmanuel Macron said that the cease-fire must be respected.

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“After 15 months of unjustifiable ordeal, immense relief for the Gazans, hope for the hostages and their families,” Macron said. He also referenced Ohad Yahalomi and Ofer Calderon, two French-Israeli hostages.

Though many are celebrating, some have expressed caution about the possibility of the deal falling through. 

Israel-Hamas ceasefire and hostage release deal

President Biden delivers remarks on the recently announced cease-fire deal between Israel and Hamas while joined by Vice President Kamala Harris and Secretary of State Antony Blinken in the Cross Hall of the White House, Wednesday.  (Anna Moneymaker/Getty Images)

 

On Wednesday, White House national security communications adviser John Kirby said that the “big hurdle” — which included finalizing the deal — had been “overcome.”

Hopefully, come this weekend, we’ll start to see some families reunited,” Kirby said, adding that he was “confident” that the deal will be implemented, despite hard work ahead.

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Fox News Digital’s Joshua Comins contributed to this report.

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Biden takes aim at oligarchs and extreme wealth in farewell address

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Biden takes aim at oligarchs and extreme wealth in farewell address

US President Joe Biden said ‘powerful forces’ threatened to undo his climate policies as Trump prepares to take office.

United States President Joe Biden has used his final formal address as president to warn of the dangers of “oligarchy” and “extreme wealth” to democracy, as President-elect Donald Trump prepares to begin his second term with an administration stacked with billionaires.

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,” Biden said in the televised address from the Oval Office in the White House on Wednesday night.

Biden’s speech comes five days before Trump’s inauguration on January 20 and mere hours after Israel and Hamas announced they had agreed to a ceasefire in Gaza, an outcome that appeared to evade the Biden administration for months despite widespread opposition to the war among many Americans.

In his speech, Biden warned of “a dangerous concentration of power in the hands of a few ultra-wealthy people” and “dangerous consequences if their abuse of power is left unchecked”.

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President-elect Trump’s incoming administration has at least 11 billionaires holding official positions, according to the Democratic Party. They include the world’s richest man, billionaire Elon Musk, who Trump has said will co-lead the so-called Department of Government Efficiency.

Biden also warned that “powerful forces” threatened to undo his climate achievements, as unprecedented wildfires burn in Los Angeles, the second-largest city in the US.

Biden began his speech by briefly referring to the newly announced ceasefire deal between Israel and Hamas in the Gaza Strip, which Israeli Prime Minister Benjamin Netanyahu has partly attributed to Trump.

“After eight months of nonstop negotiation by my administration, a ceasefire and a hostage deal has been reached by Israel and Hamas,” Biden said.

Biden added that while his team had negotiated the deal, he had told them to keep the “incoming administration fully informed” since it would be “largely implemented” by them.

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While claiming the ceasefire as an achievement of his presidency, many voters in the 2024 presidential elections said they were unable to support the Democratic Party due to Biden’s dogged support for Israel’s war on the Gaza Strip.

Biden, 82, dropped out of contention for a second term in office after voters and his own party raised concerns over this performance in the first presidential election debate against then-Republican candidate Donald Trump, with Biden’s vice president, Kamala Harris, going on to contest the presidency and then losing to Trump.

Biden has used his final days in office to introduce a sweeping ban on offshore oil and natural gas drilling covering more than 625 million acres (253 million hectares) including the “entire US East Coast, the eastern Gulf of Mexico” and parts of the “Northern Bering Sea in Alaska”.

This has been seen as an apparent move to preempt Trump’s promise to “drill, baby drill” for oil “on day one” of his second term.

Biden said in his farewell address that “it will take time to feel the impact of all we’ve done together, but the seeds are planted, and they’ll grow, and they’ll bloom for decades to come”.

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