HomeNewsNewsRussian economy shudders after U.S. and Europe impose sanctions

Russian economy shudders after U.S. and Europe impose sanctions

The moves came after European and U.S. officials slapped a range of economic restrictions on Russia that attempted to effectively cut Moscow off from much of its financial reserves. Under the new regime, all people in the United States and European Union are banned from trading with Russia’s central bank. The sanctions also apply to Russia’s Finance Ministry and its sovereign wealth fund. The U.S. and its allies were executing a hastily assembled strategy meant to squeeze Russia’s economy and make it very difficult for Russian leaders to tap money as it carried on its invasion of Ukraine for another day.

Australian Prime Minister Scott Morrison said that his country will work with NATO partners in Europe to help fund the supply of lethal weapons to Kyiv. (AP)

The restrictions amount to choking off Russia from the international financial system.

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Private businesses have joined governments in the…

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