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Russia Ukraine War News Highlights | The United States will continue to address potential sources of "leakages" in the sweeping sanctions imposed on Russia over its invasion of Ukraine, U.S. Treasury Secretary Janet Yellen said on Wednesday during a visit to Chicago.
Yellen said the hard sanctions slapped on Russia were having a significant impact, as reflected in the rouble's sharp fall.
"Russia is increasingly an economic island," she said.
Asked whether sanctions to curb Russia's oil and gas exports could follow, she said, "nothing is off the table in terms of future sanctions". However, the United States had not taken this step in order to spare Americans, Europeans and other people around the world from the harshest consequences of the action.
Sanctions imposed last Sunday and Monday have so far restricted 80% of the Russian banking sector's assets and "immobilized" about half of the Russian central bank's assets, she said.
The rouble, which has lost about a third of its value since the start of the year, touched a fresh record low of 110 to the dollar in Moscow on Wednesday as the country's financial system teetered under the weight of Western sanctions. Russia calls its actions in Ukraine a "special operation."
"We will continue to look at how the sanctions work and whether there are leakages and we have the possibility to address them," Yellen told reporters after a speech at the University of Illinois-Chicago's Innovation Center.
The former chair of the U.S. Federal Reserve said she knew there were concerns about Russian elites using cryptocurrencies as a possible means to evade sanctions, but said there were laws in place to prevent that from happening.
"That is a channel to be watched," she said. "But ... many participants in the cryptocurrency networks are subject to anti-money-laundering (laws) and sanctions. So it's not that that sector is completely one where things can be evaded."
Yellen said she does not expect the Russian sanctions to have a major impact on the economic trajectory of the United States, due to limited U.S. trade and financial connections with Russia. Any effects will most likely be transmitted through higher energy prices, she said.
The Treasury will continue to "go after oligarchs or Russian elites who are key to President Putin's corrupt power."
"We have sanctioned many of these individuals over the last few weeks and we are assembling a task force with Justice Department colleagues and our allies to uncover, freeze, and seize their wealth around the world."
Yellen, who visited Chicago's Ukrainian Village neighborhood with Illinois Governor Jay Pritzker, also said that stronger economic policies were needed to strengthen America at home, despite an economic recovery from COVID-19 that has exceeded most expectations and U.S. growth that looks poised to continue.
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Putin vows 'uncompromising fight' as Ukraine war enters second week: AFP
Russian President Vladimir Putin vowed no let-up in his invasion of Ukraine and Kyiv appealed for Western military aid on Thursday, even as the warring sides met for ceasefire talks.
After the fall of a first major Ukrainian city to Russian forces, Putin appeared in no mood to heed a global clamour for hostilities to end as the war entered its second week.
"Russia intends to continue the uncompromising fight against militants of nationalist armed groups," Putin said, according to a Kremlin account of a call with French President Emmanuel Macron. READ MORE HERE
Ukraine kept more than 3000 Indian citizens at a station, allegesPutin
In his televised address, kept more than 3000 Indian citizens at a station said, "They're (Ukraine is) putting their mortars, tanks and cannons in residential areas & are taking foreign citizens captive. They kept more than 3000 Indian citizens at a station. They're taking prisoners."
Death toll from Russian strike on Ukraine's Chernihiv rises to 22:: AFP
India has already dispatched humanitarian assistance to Ukraine, including medicines, medical equipment & other relief material. We're sending more assistance in the coming days. This is an urgent necessity that must be addressed: India at 49th UN Human Rights Council Session
We are deeply concerned over the safety&security of thousands of Indians stranded in Ukraine. We're working together with neighbouring States for their evacuation. We call for respect & protection of human rights of people in Ukraine: India at 49th UN Human Rights Council Session
We urge immediate cessation of violence and an end to hostilities. No solution can ever arrive at the cost of human lives. Dialogue and Diplomacy are the only solutions for settling differences and disputes: India at 49th UN Human Rights Council Session
Ukraine President Zelenskyy's office says the second round of talks with the Russians has begun over the war in Ukraine.
As Russian forces advance on strategic points in southern Ukraine, Ukrainian authorities on Thursday called on compatriots to launch a guerrilla war against Russian forces.In a video message posted online, Ukrainian presidential aide Oleksiy Arestovich urged men to cut down trees and destroy rear columns of Russian troops.“We urge people to begin providing total popular resistance to the enemy in the occupied territories,” Arestovich said.“The weak side of the Russian army is the rear - if we burn them now and block the rear, the war will stop in a matter of days,” he said.Arestovich said that such tactics are already being used in Konotop in northeast Ukraine and Melitopol near the Azov Sea, which were captured by Russian troops.
British Defence Minister Ben Wallace on Thursday told Russian President Vladimir Putin it was "not too late to stop" the invasion of Ukraine.The UK has taken a series of punitive actions against Moscow since Putin launched the attack last week, including sanctions on Russian banks."The message to President Putin is 'Stop. It isn't too late to stop what you are doing,'" Wallace said during a press conference with his Estonian counterpart Kalle Laanet.The British minister described the Russian leader's actions as "illegal" and warned Putin he risked "being isolated for decades to come"."The sanctions are heavy, the international community is united. NATO is united and we won't accept what we are seeing in Ukraine," Wallace said.
The United Nations' human rights chief said on Thursday that tens of millions of lives were at risk in Ukraine as the conflict there intensified. Michelle Bachelet called for an immediate halt to hostilities as she opened a debate at the Human Rights Council in Geneva on setting up a commission of inquiry into alleged violations by Russia. "Tens of millions of people remain in the country, in potentially mortal danger. I am deeply concerned that the current escalation of military operations will further heighten the harm they face," Bachelet said. Emine Dzhaparova, Ukraine's first deputy foreign minister, told the talks by video message that Russian troops were carrying out acts tantamount to war crimes and called for perpetrators to be held accountable. "Recent events clearly point to the fact that the Russian troops fighting in Ukraine carry out the most blatant violations and abuses of human rights, systematically engage in acts that clearly amount to war crimes and crimes against humanity," she said. Dzhaparova urged the council to adopt a resolution brought by Ukraine and allies including the United States and European Union that would launch the international probe. "We must stand together to ensure accountability for the war criminals spilling the blood of Ukrainian children," she said, referring to President Vladimir Putin as a "a weak leader who wants to look strong".
