Embargoes and Sanctions

Subterms

    More stories

    • 113 Shares149 Views

      in Elections

      U.S. Expands Sanctions on Russia as G7 Leaders Gather

      by

      The Biden administration is taking new measures aimed at stopping China from helping the Kremlin sustain its war effort against Ukraine. U.S. officials hope European nations will take similar steps.The Biden administration announced a series of new financial sanctions Wednesday aimed at interrupting the fast-growing technological links between China and Russia that American officials believe are behind a broad effort to rebuild and modernize Russia’s military during its war with Ukraine.The actions were announced just as President Biden was leaving the country for a meeting in Italy of the Group of 7 industrialized economies, where a renewed effort to degrade the Russian economy will be at the top of his agenda.The effort has grown far more complicated in the past six or eight months after China, which previously had sat largely on the sidelines, has stepped up its shipments of microchips, optical systems for drones and components for advanced weaponry, U.S. officials said. But so far Beijing appears to have heeded Mr. Biden’s warning against shipping weapons to Russia, even as the United States and NATO continue to arm Ukraine.Announcing the new sanctions, Treasury Secretary Janet L. Yellen said in a statement that “Russia’s war economy is deeply isolated from the international financial system, leaving the Kremlin’s military desperate for access to the outside world.”At the heart of the new measures is an expansion of “secondary” sanctions that give the United States the power to blacklist any bank around the world that does business with Russian financial institutions already facing sanctions. This is intended to deter smaller banks, especially in places like China, from helping Russia finance its war effort.The Treasury Department also imposed restrictions on the stock exchange in Moscow in hopes of preventing foreign investors from propping up Russian defense companies. The sanctions hit several Chinese companies that are accused of helping Russia gain access to critical military equipment such as electronics, lasers and drone components.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares129 Views

      in Elections

      G7 Finance Ministers Close Ranks as Tensions with Russia and China Fester

      by

      Western economic officials projected a united front, and braced for retaliation, as they prepped tougher sanctions and tariffs.Top finance officials from the world’s advanced economies moved toward an agreement on Saturday over how to use Russia’s frozen central bank assets to aid Ukraine and pledged to unite against China’s dumping of cheap exports into their markets, aiming to marshal their economic might to tackle twin crises.The embrace of more ambitious sanctions and protectionism came as finance ministers from the Group of 7 nations gathered for three days of meetings in Stresa, Italy. The proposals under consideration could deepen the divide between the alliance of wealthy Western economies and Russia, China and their allies, worsening a global fragmentation that has worried economists.Efforts by the Group of 7 to influence the two powerful adversaries have had limited success in recent years, but rich countries are making a renewed push to test the limits of their combined economic power.In a joint statement, or communiqué, that was set to be released on Saturday, policymakers said they would stay united on both fronts as geopolitical crises and trade tensions have emerged as the biggest threats to the global economy.“We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine,” the statement, which was reviewed by The New York Times, said.Regarding China, the finance ministers expressed concern about its “comprehensive use of nonmarket policies and practices that undermines our workers, industries, and economic resilience.” They agreed to monitor the negative effects of China’s overcapacity and “consider taking steps to ensure a level playing field.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 175 Shares159 Views

      in Elections

      Russia’s War Machine Revs Up as the West’s Plan to Cap Oil Revenues Sputters

      by

      Russia has largely evaded attempts by the U.S. and Europe to keep it from profiting from its energy exports.The United States and its allies in the Group of 7 nations set two goals in 2022 when they enacted a novel plan to cap the price of Russian oil: restrict Moscow’s ability to profit from its energy exports while allowing its oil to continue flowing on international markets to prevent a global price shock.A year and a half later, only the latter goal appears to have worked. Energy prices have been relatively stable across the world, including in the United States, which helped devise the plan. But Russia’s war effort in Ukraine is intensifying, making it increasingly clear that efforts by Western allies to squeeze Moscow’s oil revenues are faltering.A variety of factors have allowed Russia to continue profiting from strong oil revenue, including lenient enforcement of the price cap. Russia’s development of an extensive “shadow” fleet of tankers has allowed it to largely circumvent that policy. That has allowed the Russian economy to be more resilient than expected, raising questions about the effectiveness of the coordinated sanctions campaign employed by the G7.The Biden administration maintains that the strategy has been effective and that the price cap has imposed costs on Russia and forced it to redirect money that it would have used in Ukraine to finance an alternative oil ecosystem.Treasury Secretary Janet L. Yellen said in an interview on Sunday that the price of Russian oil was not the only measure of their profits, noting that Russia has had to invest significant resources in response to the cap.“We’ve made it very expensive for Russia to ship this oil to China and India in terms of acquiring a shadow fleet and providing insurance,” Ms. Yellen said on her flight to Europe, where she is holding meetings in Germany and attending a gathering of finance ministers in Italy. “We still think it’s working.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares189 Views

      in Elections

      U.S. Considers Imposing Sanctions on Israeli Military Unit

      by

      Israeli leaders expressed alarm about the possible action by the Biden administration over rights violations in the West Bank.The United States is considering imposing sanctions on one or more Israeli battalions accused of human rights violations during operations in the occupied West Bank, according to a person familiar with the deliberations.Israeli leaders, including Prime Minister Benjamin Netanyahu, on Saturday called the possibility of the Biden administration’s placing such sanctions “the peak of absurdity and a moral low” at a time when Israeli forces are fighting a war in Gaza against Hamas. Mr. Netanyahu said in a social media post that his government would “act by all means” against any such move.The news about the possible sanctions, reported earlier by Axios, came only a day after the House approved $26 billion for Israel and humanitarian aid for civilians in conflict zones, including Gaza. The sanctions, if imposed, would not hold up the military aid that was just approved in Congress.On Sunday, Palestinians in the West Bank went on a general strike to protest a deadly Israeli military raid at a refugee camp. At least 10 people were killed in the raid on Saturday, the latest operation in a sweeping economic and security clampdown in the Israeli-occupied territory.Since the Hamas-led Oct. 7 attacks on Israel, hundreds of Palestinians have been killed and detained in raids in the West Bank, which Israeli officials describe as counterterrorism operations against Hamas and other armed groups.The strike on Sunday “paralyzed all aspects of life” in the West Bank, with shops, schools, universities and banks shuttered, according to the official Palestinian news agency, Wafa. Public transportation also was halted.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 163 Shares169 Views

      in Elections

      U.S. and Allies Penalize Iran for Striking Israel, and Try to Avert War

      by

      While imposing sanctions on Iran, U.S. and European governments are urging restraint amid fears of a cycle of escalation as Israel weighs retaliation for an Iranian attack.The United States and European allies joined together on Thursday to impose new sanctions on Iranian military leaders and weapon makers, seeking to punish Iran for its missile and drone attack on Israel last weekend, while imploring Israel not to retaliate so strongly as to risk a wider war.White House officials said the sanctions targeted leaders and entities connected to the Islamic Revolutionary Guards Corps, Iran’s Defense Ministry and the Iranian government’s missile and drone programs. The sanctions also seek to block exports by Iran’s steel industry that bring Tehran billions of dollars in revenue, they said.“I’ve directed my team, including the Department of the Treasury, to continue to impose sanctions that further degrade Iran’s military industries,” President Biden said in a statement. “Let it be clear to all those who enable or support Iran’s attacks: The United States is committed to Israel’s security.”Britain said it had imposed sanctions on seven people and six entities linked to Iran’s regional military activity and its attack on Israel, which Prime Minister Rishi Sunak called a “reckless act and a dangerous escalation.”“These sanctions — announced with the U.S. — show we unequivocally condemn this behavior, and they will further limit Iran’s ability to destabilize the region,” Mr. Sunak said in a statement.“Let it be clear to all those who enable or support Iran’s attacks: The United States is committed to Israel’s security,” President Biden said in a statement on Thursday.Al Drago for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares179 Views

      in Elections

      Turkey Restricts Exports to Israel in Protest of War in Gaza

      by

      Turkey said on Tuesday that it would restrict exports to Israel until there is a cease-fire in Gaza, prompting threats of a tit-for-tat response from a government with which it has long had tense relations.President Recep Tayyip Erdogan of Turkey has defended Hamas and lashed out at Israel over the war in Gaza, accusing it of deliberately attacking civilians. But his government had until Tuesday stopped short of taking concrete economic measures against Israel over the conflict.Turkey’s Trade Ministry said it was imposing restrictions covering dozens of exports — including aluminum, steel products, cement and jet fuel — after Israel denied a Turkish government request to airdrop humanitarian aid to Gaza.“This decision will remain in place until Israel declares a cease-fire in Gaza and allows the flow of a sufficient amount of uninterrupted aid to the Gaza Strip,” the ministry said in a statement.The announcement drew an angry response from Israel’s foreign minister, who accused Mr. Erdogan of “sacrificing the economic interests” of Turkey’s people in the name of supporting Hamas.“Israel will not capitulate to violence and blackmail and will not overlook the unilateral violation of the trade agreements and will take parallel measures against Turkey that will harm the Turkish economy,” the minister, Israel Katz, said in a statement.Turkey’s exports to Israel were worth $5.4 billion in 2023, or 2.1 percent of its total exports, according to official data.Turkey has long had turbulent relations with Israel, though in recent years there had been some signs of a thaw: In 2022, Turkey welcomed Israel’s president to Ankara, the first visit by an Israeli head of state since 2008. Mr. Erdogan met with Prime Minister Benjamin Netanyahu of Israel for the first time last September.Less than a month after that meeting, Hamas led the Oct. 7 attack on Israel that set off the war in Gaza.Under Mr. Erdogan, Turkey has often hosted members of Hamas, some of whose leaders were in the country for meetings on Oct. 7. The Turkish leader has strongly criticized Israel’s bombardment of Gaza, putting him sharply at odds with his NATO allies.But the rising death toll and dire humanitarian crisis in Gaza have prompted increasing criticism from Israel’s allies over how the war is being conducted.President Biden threatened last week to condition future U.S. support for Israel on how it addresses his concerns about civilian casualties and the humanitarian crisis. This week, the foreign minister of France told French news media that imposing sanctions might be one way of putting more pressure on Israel to open humanitarian corridors to Gaza.Gabby Sobelman More

    • 138 Shares129 Views

      in Elections

      Elecciones en Venezuela: Edmundo González es la apuesta de la oposición

      by

      La coalición de partidos que busca desafiar a la presidencia de Maduro dijo que el registro permitiría seguir su “lucha sin descanso en defensa del derecho a elegir de los venezolanos”.Primero fue María Corina Machado, una popular exlegisladora. Luego, se suponía que sería Corina Yoris, una profesora de filosofía poco conocida. Ahora, una coalición opositora ha presentado a un antiguo diplomático, Edmundo González, como su tercer candidato para enfrentarse al presidente Nicolás Maduro en las elecciones previstas para julio.Al menos, esa es la situación por ahora.La coalición de partidos políticos de la oposición, llamada la Mesa de la Unidad Democrática, lleva meses esperando para poder unirse en torno a un candidato único que pueda ser un rival viable para Maduro.Pero, como deja claro la rápida sucesión de posibles candidatos, el gobierno de Maduro ha puesto una serie de obstáculos para impedir ese objetivo.El lunes, una comisión electoral nacional controlada por aliados de Maduro utilizó una maniobra técnica para impedir que la coalición incluyera a Yoris en la papeleta. Era el último día para que los candidatos presidenciales se inscribieran a fin de participar en las elecciones de julio, y parecía que el esfuerzo por presentar un candidato unificado había sido derrotado.Entonces, el martes por la tarde, la coalición anunció en la plataforma de redes sociales X que la autoridad electoral le concedió una prórroga y que había “decidido inscribir provisionalmente” a González, a quien identificó como presidente de la junta directiva de la Mesa de la Unidad Democrática.Los voceros de la oposición dijeron en su publicación de X que la inscripción de González en la papeleta electoral permitiría a la coalición seguir “en su lucha sin descanso” en pro de la democracia, ya que busca desafiar la presidencia de Maduro, cuyo gobierno represivo ha dejado a Venezuela en la ruina financiera y ha ayudado a expulsar a, aproximadamente, una cuarta parte de su población.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares129 Views

      in Elections

      Venezuela anuncia que las elecciones serán en julio

      by

      La decisión de realizar elecciones es un cumplimiento parcial de un compromiso con EE. UU., pero con la exclusión de la principal figura de la oposición muchos se preguntan si la votación será libre y justa.Las autoridades venezolanas anunciaron el martes que las elecciones nacionales que muchos esperaban que forjaran un camino hacia la democracia se celebrarán el 28 de julio.Pero la decisión sobre la fecha se produce un mes después de que el más alto tribunal del país excluyera de la votación a la principal candidata de la oposición, lo que hizo que muchos se preguntaran hasta qué punto serán unas elecciones libres y justas.Sin embargo, el anuncio del gobierno del presidente Nicolás Maduro implica al menos un cumplimiento parcial del compromiso adquirido con Estados Unidos de celebrar comicios este año a cambio del levantamiento de las sanciones económicas paralizantes.En octubre, Maduro firmó un acuerdo con la oposición del país y se comprometió a trabajar por unas elecciones presidenciales libres y justas. En el acuerdo, Maduro dijo que celebraría elecciones antes de finales de año, y Estados Unidos, a su vez, levantó algunas sanciones como muestra de buena voluntad.Pero pocos días después, Maduro vio cómo una candidata de la oposición, María Corina Machado, ganaba más del 90 por ciento de los votos en las elecciones primarias organizadas por la oposición, que no tuvieron la participación del gobierno. Los decisivos resultados acentuaron su popularidad y plantearon la posibilidad de que pudiera derrotarlo en unas elecciones generales.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More