What's happened
The UK Treasury committee is investigating the effectiveness of sanctions on Russia, considering expanding measures to include buyers of Russian oil and gas. Meanwhile, an economist highlights Russia's economic resilience against sanctions, and the US Deputy Treasury Secretary notes the effectiveness of secondary sanctions on financial institutions aiding Russia.
Why it matters
The consideration of widening sanctions on Russian oil and gas buyers could have significant implications for Russia's economy and its ability to withstand Western sanctions. The effectiveness of secondary sanctions on financial institutions aiding Russia also demonstrates ongoing efforts to increase pressure on the country.
What the papers say
The UK Treasury committee is focused on evaluating the impact of sanctions on Russia, potentially broadening measures to include buyers of Russian oil and gas. Economist Elina Ribakova highlights Russia's economic resilience despite sanctions. US Deputy Treasury Secretary Wally Adeyemo discusses the effectiveness of secondary sanctions on financial institutions aiding Russia.
How we got here
Russia has shown economic resilience against Western sanctions, with GDP growth in 2023 despite the ongoing conflict in Ukraine. Efforts to widen sanctions on Russian oil and gas buyers aim to increase pressure on Russia and potentially weaken its economic resilience. The US has implemented secondary sanctions on financial institutions to deter support for Russia in bypassing restrictions.
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