The US Department of the Treasury plans to continue implementing sanctions aimed at limiting the illegal revenues of the Russian Federation. This was stated by the head of the department, Scott Bessent, emphasizing that the sanctions are intended to increase economic pressure on the aggressor country.
This is reported by Business • Media
Impact of Sanctions on Global Markets and India
Western restrictions are increasingly affecting not only Russia but also its trading partners. In particular, India is experiencing negative consequences from the sanctions against the Russian Federation, as over a third of the oil consumed by the country comes from Russia. Additionally, India has been impacted by secondary sanctions, including a 25% tariff from the US on imports of Russian oil. White House officials have warned that similar tariffs could be applied to other countries purchasing Russian oil.
The Indian Ministry of External Affairs called the actions of the US “unfair, unreasonable, and irrational” and promised to take “all necessary measures” to protect national interests.
Possible New Sanctions Against Russia’s ‘Shadow Fleet’
According to reports, if the President of Russia does not agree to a ceasefire in Ukraine by Friday, August 8, the US administration is considering additional sanctions targeting the so-called ‘shadow fleet’ of Russia. These measures are intended to reinforce recent actions by the European Union, which has already imposed sanctions on over 100 vessels, increasing the total number of sanctioned ships to 415.
Further decisions from Washington regarding restrictive measures may depend on the results of Special Envoy Steve Witkoff’s visit to Moscow. Among other options for pressuring Russia, strengthening compliance monitoring of existing sanctions and the possibility of the US joining the EU initiative to cap the price of Russian oil, scheduled for implementation in early September, are being considered.
Moreover, the US administration may implement secondary sanctions against foreign banks and oil refineries that facilitate the export of Russian oil, thereby intensifying international economic pressure on Russia.