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What are the latest US sanctions against Russia?
On November 21, 2024, the US imposed sanctions on Gazprombank and over 50 other Russian financial institutions. These measures aim to disrupt funding for Russia's military efforts in Ukraine, marking a shift towards more aggressive US policies against Russia.
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How are these sanctions affecting the Russian economy?
The sanctions have led to a significant weakening of the ruble, prompting the Russian central bank to intervene. The decline in the ruble's value is a direct consequence of the sanctions, which have forced the central bank to halt foreign currency purchases, indicating a strain on the Russian economy.
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What has been the response from the Russian government?
In response to the sanctions, the Russian government has condemned the US actions, claiming they are an attempt to undermine Russia's sovereignty. However, the sanctions are expected to further degrade Russia's military funding capabilities, complicating its ongoing military operations in Ukraine.
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What does this mean for the ongoing conflict in Ukraine?
The sanctions are part of a broader strategy by the US to weaken Russia's military capabilities, which could have significant implications for the ongoing conflict in Ukraine. Treasury Secretary Janet Yellen stated that these measures will make it harder for the Kremlin to fund its military efforts, potentially altering the dynamics of the conflict.
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How does Gazprombank's exclusion from the US financial system impact Russia?
Gazprombank's exclusion is particularly significant as it has been a crucial channel for payments related to gas exports. This exclusion could hinder Russia's ability to conduct international trade and finance its military operations, further isolating the country economically.
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What are the long-term effects of these sanctions on Russia?
The long-term effects of these sanctions could lead to a more profound economic downturn in Russia, increased inflation, and a potential shift in its foreign policy as the government seeks alternative financial channels. The ongoing pressure from sanctions may also impact public sentiment and political stability within Russia.