US Senate prepares to deal new blow to Russian economy

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June 1, 2017 – Fort Russ News – 

By KtoVKurse–  translated by Inessa Sinchougova 

US senators have not abandoned their attempts to deal another blow to the Russian economy, which began to recover after the 2014 crisis.

According to Bloomberg, a group of senators working on a new package of anti-Russian sanctions, with the pretext for such action – “Kremlin’s actions in Ukraine, Syria and cyberspace.”

At the moment, the sanctions have suggested a ban on the provision of long-term loans to Russian banks with state participation, as well as national oil companies, with the exception of “Gazprom”.

The Chairman of the Committee for Banks, Senator Mike Crapo (suitable last name, if you ask us) and co-chairman of Senator Sherrod Brown of Ohio believe that the restrictions should be extended to the steel sector, as well as Russian Railways.

“This legislation will consolidate and strengthen the existing sanctions affecting Russian projects in the energy sector and debt financing in the key sectors of the economy”, – said the author of the project.

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According Crapo and Brown, the current sanctions against Russia are not enough:

Russia remains a hostile country, expanding its military activities, information and resources rimenyaet cyber espionage and economic levers to cause harm to the United States, and to divide between the US and allies.

It is worth noting that earlier in Congress, Republican Aleksandr Muni introduced the Act “On countering Russian aggression in 2017”, conceived as a response to “Russia’s interference in the presidential election in the United States, the failure of Moscow Minsk agreements on Ukraine, as well as the illegal annexation of Crimea, South Ossetia and Abkhazia. “

Under the bill, physical persons will fall under the sanctions, the banks and companies that buy Russian government bonds. 

The previous sanctions packages were distributed to Russian state-owned banks, but did not prohibit buying debt securities of Russian government. Non-residents, according to the CBR, in 2016 acquired 434 billion rubles of bonds, providing 88% of the amount that the Ministry of Finance raised on the market to cover the budget deficit (494 billion rubles).

The bill introduces a total ban on the practice. And the penalties for its violation are proposed to be introduced not only against companies and US citizens, but also against those from third countries.

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