• UGI USER
  • Feb 26, 2024
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‘U.S. PILES NEW SANCTIONS ON RUSSIA ON WAR’S ANNIVERSARY

Why in the news?

  • The United States and the European Union have announced new sanctions on Russia, coinciding with the second anniversary of Russia’s invasion of Ukraine.
  • These sanctions are imposed as a response to various actions, including the recent death of prominent Kremlin critic Alexei Navalny in a Russian prison.
source:theEconomist

U.S. Sanctions on Russia and EU Asset Freezes: Key Points

U.S. Treasury Department Sanctions:

  • Over 500 new sanctions aimed at Russia’s financial sector, defense industry, and procurement networks.
  • Largest penalty wave since Russia’s 2022 invasion of Ukraine.

EU Sanctions and Asset Freezes:

  • The EU freezes assets of foreign firms exporting dual-use goods to Russia.
  • Targets include Russian officials, judiciary members, and local politicians.
  • This marks the 13th EU sanctions package against entities undermining Ukraine’s sovereignty.
About Black Sea Grain Initiative:

·    Cooperative agreement on grain exports.

·    Signed separately by Ukraine and Russia.

·    Brokered with mediation from Turkey and the United Nations.

Purpose:

·    Stabilise markets,Ensure adequate grain supplies,Mitigate food price inflation.

Key Points about the Black Sea (Euxine Sea):

·    Also referred to as the Euxine Sea.

·    A marginal sea of the Atlantic Ocean.

·    Positioned between Eastern Europe and Western Asia.

·    Bordered by six countries: Russia, Ukraine, Georgia, Turkey, Bulgaria, and Romania.

·    Connected to the Sea of Azov via the Strait of Kerch.