But many experts on sanctions believe that the boldest sanctions against Russia’s financial industry, if enacted, could take a meaningful toll. His report estimated that the 2014 sanctions reduced Russia’s annual economic growth by up to 3%, and new sanctions could bite much harder. In Washington, the names of a dozen Russian state-owned and private banks have circulated as potential targets of Treasury Department sanctions. The bills call for sanctions on at least three of the Russian banks if Putin invades Ukraine. The technology sanctions against Russia would emulate the kind that the Trump administration used to hobble Huawei, the Chinese telecommunications company.

Source: bd News24 January 30, 2022 03:00 UTC