Moscow: The war between Russia and Ukraine (Russia-Ukraine War) has been going on continuously for the last two weeks. Many cities in Ukraine have been destroyed. Meanwhile, it is being claimed that hundreds of Russian soldiers have also died. President Vladimir Putin is not ready to listen to any leader of the world. So the bloody game continues in Ukraine. Meanwhile, there has been a flurry of international sanctions on Russia. Along with America, European countries are imposing economic sanctions on Russia. It is being claimed that more sanctions have been imposed on Russia than on North Korea in the last 8 years.
Russia has been the target of more sanctions in the past eight years than North Korea, Myanmar, Chile, Cuba, China, Iran, and Syria have in 70 years. It is being said that it takes a long time to lift the ban. For example, it took several decades for the sanctions against Cuba to be lifted.
Will Russia go bankrupt?
Russia’s GDP has fallen by 2%. After the recent sanctions, the Russian economy is facing difficulties. The country is expected to default. Many international organizations are claiming that Russia may see bankruptcy by May this year. On 24 February, Russian President Putin announced an invasion of Ukraine. Russian troops simultaneously attacked in the North, East, and Crimea.
America is continuously imposing a ban
US President Joe Biden said that the US would lower Russia’s trade status. Also, imports of Russian wine, seafood, and diamonds will be banned. Apart from the US and the European Union, which are angry with Russia’s attack on Ukraine, the G-7 group can also withdraw the ‘Most Favored Country’ (MFN) status from Russia. US President Joe Biden is likely to make an announcement in this regard soon. With the withdrawal of the Most Favored Country status, America and its allies will be able to impose heavy duties on imports from Russia. With this decision, America and its allies want to isolate Russia’s economy.
386 members of the Duma banned
The UK government has announced sanctions on 386 members of the Duma, the lower house of the Russian parliament. All these members of the Duma played an important role in the recognition of Ukraine’s Luhansk and Donetsk provinces by Russia as independent republics. Britain’s Foreign, Commonwealth and Development Office (FCDO) announced the restrictions on Friday, saying it would bar Russian lawmakers from traveling to Britain, using their assets, and doing business in Britain.
