Russia financial system shaken after U.S. imposes new sanctions

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• autotldr@lemmings.world [bot] ⁨2⁩ ⁨years⁩ ago

  This is the best summary I could come up with:

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  The sharp escalation in sanctions by the Treasury Department prompted former Russian president and prime minister Dmitry Medvedev, now a senior security official, to call on the population to “inflict maximum harm” on Western societies and infrastructure in retaliation.

  Russia has managed to ramp up spending on military production since it invaded Ukraine in 2022, despite facing the biggest barrage of sanctions and export controls ever unleashed by the United States and its allies against a country’s economy.

  Rather than buckle, Russia has turned to China and India and myriad murky intermediaries to sidestep the restrictions, with the West unable to wean itself fully from Russian commodities.

  The effort to toughen the penalties against Russia reflect a growing recognition among policymakers that measures so far, including unprecedented export controls, have proved insufficient at stopping the Kremlin from obtaining Western parts for its military supply chain, said Edward Fishman, who served as a senior State Department official in the Obama administration.

  “Russia is still dependent on using Western currencies for trade with all countries except for China,” said Janis Kluge, an economist at the German Institute for International and Security Affairs.

  “Putin has plenty of ways to continue funding the war machine this year and next, but after that, it becomes more difficult,” said Alexandra Prokopenko, a former adviser at Russia’s Central Bank who is based in Berlin.

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