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Significantly Expand Sanctions Against Russian Economy

Significantly Expand Sanctions Against Russian Economy

The U.S. and the European Union adopted sweeping economic sanctions against Russia very recently to punish Moscow's stance in the Ukraine conflict.

The recent measures will have the effect in limiting access to EU capital markets for Russian state - owned financial institutions, impose an embargo on trade in arms, establish an export ban for dual use goods for military end users, and curtail Russian access to sensitive technologies particularly in the field of the oil sector.

It is questionable whether the recent sanctions will “make” the Russian President Vladimir Putin more cooperative or not.

The U.S. followed the EU's move by announcing similar sanctions against Russian banks as well as the energy, arms and shipping sectors. Despite the measures and their keen support, countries such as the U.K., were extremely worried that wealthy Russians and their corporations could turn away from their financial centres (e.g. London).

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