JRL NEWSWATCH: “U.S. Unveils Biggest Sanctions Package on Russia Since War Began” – Bloomberg
- “Drone maker, payment system are among targets of penalties
- Yellen says Russia’s economy showing ‘signs of weakness'”
- “U.S. holds off metals sanctions amid fears of economic chaos
- Russia’s economy still forecast to grow up to 1.5% in 2024″
“The U.S. unveiled its biggest one-day sanctions package against Russia since the [full-scale] invasion of Ukraine … targeting more than 500 people and entities in a fresh bid to squeeze the country’s economy and send a message over the death of … Navalny.
Sanctioned people and entities included a military drone manufacturer and its top staff, Russia’s Mir payment system, a company … specializ[ing] in three-dimensional printed plastics and numerous others. The Commerce Department added 90 companies to a list … limit[ing] … access to U.S. technology. … The U.S. has already imposed sweeping sanctions affecting whole swaths of Russia’s economy and prominent oligarchs …. act[ing] in concert with European allies … [themselves] impos[ing] about a dozen sanctions packages …
[T]he Russian economy has avoided collapse and Putin has managed to defy early predictions … that the pain imposed by sanctions would be so great that he might be driven from power or be forced to retreat from Ukraine. … “
Although the Russian economy shrank after the initial waves of sanctions, and the ruble fell, the the Russian economy eventually stabilized. In 2024, according to the IMF, the Russian economy is projected to grow. Nevertheless, some expert assessments hold that Russia’s GDP in 2030 will be roughly 10% lower than its potential would have been without being hammered by the sanctions.
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