Skip to content
Search

Latest Stories

US sanctions on Russia: Indian American economic advisor plays crucial role

US sanctions on Russia: Indian American economic advisor plays crucial role

AN Indian American economic advisor is playing a crucial role to impose punitive sanctions on Russia over its actions against Ukraine.

Daleep Singh, deputy national security advisor for international economics and deputy director of the national economic council, made his second appearance in the White House press room in a short span.


“Russia’s long previewed invasion of Ukraine has begun and so too has our response. The president (Joe Biden) responded swiftly and in lockstep with allies and partners. The speed and coordination were historic. It took weeks and months to mount a decisive response,” Singh told reporters in his opening remarks.

Singh said that after consultations overnight with Germany, Russia’s Nord Stream 2 natural gas pipeline will not become operational.

That is an $11 billion investment in a prized gas pipeline controlled by Russia that will now go to waste, and it sacrifices what would have been a cash cow for Russia’s coffers, he said.

Singh added: "We’ve demonstrated the potency of our financial sanctions and make no mistake, this is only the sharp edge of the pain we can inflict. In lockstep with our allies, we’re fully blocked from the global financial system, the fifth largest Russian financial institution, VEB, is a glorified piggy bank for the Kremlin that holds more than $50bn in assets.

"We’re also fully blocking Promsvyazbank, this is a bank that holds $35bn in assets that finances the activities of the Russian military."

According to Singh, a full block means these banks can no longer make any transactions with the US nor with Europe as Europe matched US actions, and their assets in America’s respective financial systems will be frozen.

Russian President Vladimir Putin this week signed decrees to recognise Ukraine’s regions of ‘Donetsk and Luhansk People’s Republics’ as ‘independent’. He also ordered Russian troops into eastern Ukraine in what the Kremlin called a “peacekeeping” mission in the Moscow-backed regions.

“Let me be totally clear, no Russian financial institution is safe if the invasion proceeds, we are ready to press a button to take action on the two largest Russian financial institutions, which collectively hold almost $750bn in assets for more than half of the total in the Russian banking system,” Singh asserted.

“Together with our allies, we’ve also cut off the Russian government, the Russian Central Bank and Russian Sovereign Wealth Funds from new financing from the US and Europe. The Kremlin can no longer raise money from the US or Europe and its new debt can no longer trade on the US, or European financial markets."

Singh added that the US has fully sanctioned a group of Russian elites and their family members. Other Russian elites and their family members are now on notice that additional actions could be taken on them as well, he said.

“I also want to take a minute to address a key part of the president’s speech on energy markets. We were deliberate to direct the pain of our sanctions towards the Russian economy, not ours. None of our measures are designed to disrupt the flow of energy to global markets and we are now executing a plan in coordination with major oil producers, and major oil consumers to secure the stability of global energy supplies,” the Indian American advisor said.

Singh said this was the beginning of an invasion and this was the beginning of the American response.

“The actions were only the first tranche. If Putin escalates further, we will escalate further using financial sanctions and export controls which we have yet to unveil, but which are fully prepared to implement with allies,” he added.

More For You

Former police officer arrested in Rotherham investigation

Investigators believe the earlier offences happened between 1995 and 2002 (Photo for representation: iStock)

Former police officer arrested in Rotherham investigation

A FORMER police officer has been arrested in connection with the ongoing investigation into child sexual abuse in Rotherham, authorities revealed on Tuesday (1).

The former constable, who is in his 50s, was taken into custody on Monday (31). He is suspected of raping a teenage girl in the South Yorkshire town in 2004, according to officials.

Keep ReadingShow less
Modi Xi

Narendra Modi and Xi Jinping during their meeting in October 2024.

75 years of India-China relations: Modi, Xi call for stronger ties

INDIAN prime minister Narendra Modi and Chinese president Xi Jinping exchanged messages on Tuesday to mark the 75th anniversary of India-China diplomatic relations.

Modi stated that the development of bilateral ties contributes to global stability and a multipolar world, while Xi called for a "dragon-elephant tango" to strengthen cooperation between the two countries, China's state-run Xinhua news agency reported.

Keep ReadingShow less
Sri Lanka forms committee to address UK sanctions
Anura Kumara Dissanayake

Sri Lanka forms committee to address UK sanctions

THE Sri Lanka government on Wednesday (2) formed a committee to recommend measures regarding the UK's decision to impose sanctions on three former military commanders who led the campaign that crushed the Liberation Tigers of Tamil Eelam (LTTE) in 2009.

Health minister Nalinda Jayatissa told reporters that foreign minister Vijitha Herath, justice minister Harshana Nanayakkara and deputy minister of defence Aruna Jayasekara would comprise the committee that would consult experts for the purpose.

Keep ReadingShow less
Gujarat-blast-ANI

The blast caused the factory’s concrete roof to collapse, scattering debris and body parts across the area, officials confirmed. (Photo: ANI)

ANI

Death toll rises to 21 in Gujarat firework factory explosion

AN EXPLOSION at an illegal firecracker factory in Gujarat's Deesa town killed 21 people and injured several others on Tuesday, officials said.

The blast caused the factory’s concrete roof to collapse, scattering debris and body parts across the area, officials confirmed.

Keep ReadingShow less
Child benefit payments set to rise for UK families

Child benefit, normally paid every four weeks directly into bank accounts, has undergone significant changes in recent months (Photo: Getty Images)

Child benefit payments set to rise for UK families

MILLIONS of British families are set to receive a financial boost as child benefit payments increase from April 7, according to HM Revenue and Customs (HMRC).

From next week, parents will receive £26.05 per week for the eldest or only child, amounting to £1,354.60 annually - up from the current rate of £25.60. For each additional child, payments will rise to £17.25 weekly, totalling £897 per year - an increase from the present £16.95 rate. This represents a 1.7 per cent increase across all payment categories.

Keep ReadingShow less