Economic Sanctions & Other Reactions to Russia over Ukraine Invasion
(Watch Post) Reports have started to emerge over the impact that recent economic sanctions imposed on Russia are having. Here's a mishmash of the latest headlines to bring you up to speed.
Russia's Grain Shipments Drop by Half. Grain shipments from Russia have more than halved due to traffic restrictions in sea and river ports, the country’s grain union announced on Wednesday.
“Before the current situation [the war in Ukraine and sanctions on Russia], daily shipments of grain from Russia amounted to 100,000 tons. Now the volume is less than 40,000 tons,” the union’s president, Arkady Zlochevsky, said, as cited by RIA Novosti.
US Major Oil Quits Russia. US energy giant ExxonMobil will discontinue its operations at Russia’s Sakhalin-1 oil and gas project and will make no new investments in the country, the company announced on Tuesday.
“In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture,” the energy major said in a statement published on its website, adding that the company was “fully complying with all sanctions.”
Russian Steel Giant Stops Deliveries to Europe. EU clients are reportedly refusing to purchase from Severstal due to sanctions on owner.
Russian metallurgical giant Severstal has stopped deliveries of steel to European customers amid Ukraine-related sanctions, the country’s media reported, citing company sources.
About 70 Japanese Volunteered to Fight for Ukraine. Ukrainian President Volodymyr Zelensky called on Sunday for the formation of an "international legion," prompting dozens from the United States and Canada to volunteer.
As of Tuesday, 70 Japanese men - including 50 former members of Japan's Self-Defense Forces and two veterans of the French Foreign Legion - had applied to be volunteers, the Mainichi Shimbun daily said, quoting a Tokyo company handling the volunteers.
Taiwan President to Donate Salary for Ukraine Relief Efforts. And it's not just the president who has volunteered to do so.
Biden Announces US Airspace Closed to all Russian Flights in State of the Union Speech. On Tuesday, President Joe Biden announced the United States would restrict all Russian flights from entering its airspace.
“Tonight I am announcing that we will join our allies in closing off American airspace to all Russian flights, further isolating Russia and adding the additional squeeze on their economy,” Biden said.
Israel, Jewish Leaders Condemn Russian Strike on Key Holocaust Memorial Site. Israeli and Jewish leaders are condemning a Russian strike on Ukraine’s capital that damaged an important memorial site marking the massacre of tens of thousands of Jews at the hands of the Nazis during the Holocaust.
China to continue trade relations with Russia. Beijing will keep importing Russian natural gas while opposing international sanctions.
“China and Russia will continue to carry out normal trade cooperation following the spirit of mutual respect, equality and mutual benefit”
EU excludes 7 Russian banks from SWIFT. The bloc's sanctions to exclude seven Russian banks from the SWIFT global payments system have come into force. The targeted institutions have 10 days to phase out their operations with the network.
At the time, European Commission President Ursula von der Leyen said the sanctions would "significantly harm [Russian President Vladimir] Putin's ability to finance his war and they will have a severely eroding impact on his economy."
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