Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
you are here: HomeNewsWorld

EXPLAINER: Why US sanctions may target individual Russians

Experts say its unlikely the U.S. and its allies would agree to something as sweeping as a complete ban on trade with Russia or an embargo. Rather, industries and individuals probably will continue to bear the brunt of sanctions as the crisis deepens.

January 30, 2022 / 07:34 PM IST
Ukraine's biggest national flag on the country's highest flagpole is seen at a compound of the World War II museum in Kyiv, Ukraine. (File photo: REUTERS/Valentyn Ogirenko)

Ukraine's biggest national flag on the country's highest flagpole is seen at a compound of the World War II museum in Kyiv, Ukraine. (File photo: REUTERS/Valentyn Ogirenko)

The White House and U.S. officials have threatened Russia with financial sanctions carrying severe consequences if it invades Ukraine, but so far plenty of people have been prime targets for Western pain.

Experts say its unlikely the U.S. and its allies would agree to something as sweeping as a complete ban on trade with Russia or an embargo. Rather, industries and individuals probably will continue to bear the brunt of sanctions as the crisis deepens.

The Kremlin has shrugged off the sanctions against Russian officials and business leaders imposed by the U.S. and its allies. Spokesman Dmitry Peskov said this past week that members of Congress seem to fail to notice that Russian law bans officials from having any foreign assets.

The U.S. maintains that those targeted lose substantial revenue and asset value from financial penalties that could curb, for instance, an oligarch's shopping sprees and investments.