Nearly three dozen leaders of Russian weapons firms and at least 14 defence companies have not been sanctioned by the United States, the European Union or the United Kingdom. For more perspective on this, we're joined by Kadira Pethiyagoda, International Affairs Expert.

WION Fineprint | Russian weapon firms escape punishment, no sanctions for weapon giants

The United States on Monday (June 27) announced fresh G7 sanctions on Russia. These new sanctions are targetted at Russia defence industry. The aim appears to be slowing down Russian war machine in Ukraine

"G7 leaders will align and expand targeted sanctions to further restrict Russia's access" to Western technology that can support the Russian arms industry, the White House said.

And the US will also "aggressively target Russian defence supply chains... and limit Russia's ability to replace the military equipment it has already lost during its brutal war".

Watch | G7 leaders agree to ban gold imports from Russia

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News agency AFP quoted an unnamed American official to say that G7 nations have made progress in talks to set a price cap on Russian oil imports.

"We're still in final discussions with other G7 counterparts working to finalise this, but we're very close to a place where G7 leaders will have decided to urgently direct relevant ministers to develop mechanisms to set a global price cap for Russian oil," the official said.

Also Read | <a href="https://www.wionews.com/world/g7-announced-600-billion-global-infrastructure-plan-to-rival-chinas-bri-492064">G7 announced $600 billion global infrastructure plan to rival China’s BRI</a>

The goal of the plan is to starve the Kremlin of its "main source of cash and force down the price of Russian oil".

In addition to this, G7 leaders have agreed that money from higher tariff imposed on Russian exports should be funnelled as Ukraine aid.

President Joe Biden and other G7 leaders "will seek authority to use revenues collected by any new tariffs on Russian goods to help Ukraine and to ensure that Russia pays for the cost of its war," a senior US official said.

(With inputs from agencies)

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The United States on Monday (June 27) announced fresh G7 sanctions on Russia. These new sanctions are targetted at Russia defence industry. The aim appears to be slowing down Russian war machine in Ukraine "G7 leaders will align and expand targeted sanctions to further restrict Russia's access" to Western technology that can support the Russian arms industry, the White House said.

The United States on Monday (June 27) announced fresh G7 sanctions on Russia. These new sanctions are targetted at Russia defence industry. The aim appears to be slowing down Russian war machine in Ukraine "G7 leaders will align and expand targeted sanctions to further restrict Russia's access" to Western technology that can support the Russian arms industry, the White House said. And the US will also "aggressively target Russian defence supply chains... and limit Russia's ability to replace the military equipment it has already lost during its brutal war". Watch | G7 leaders agree to ban gold imports from Russia × News agency AFP quoted an unnamed American official to say that G7 nations have made progress in talks to set a price cap on Russian oil imports. "We're still in final discussions with other G7 counterparts working to finalise this, but we're very close to a place where G7 leaders will have decided to urgently direct relevant ministers to develop mechanisms to set a global price cap for Russian oil," the official said. Also Read | G7 announced $600 billion global infrastructure plan to rival China’s BRI The goal of the plan is to starve the Kremlin of its "main source of cash and force down the price of Russian oil". In addition to this, G7 leaders have agreed that money from higher tariff imposed on Russian exports should be funnelled as Ukraine aid. President Joe Biden and other G7 leaders "will seek authority to use revenues collected by any new tariffs on Russian goods to help Ukraine and to ensure that Russia pays for the cost of its war," a senior US official said. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US announces fresh G7 sanctions aimed at Russian defence sector

This weakened, the Group of 7 (G7) countries, the world’s wealthiest, will converge in Germany’s Bavarian Alps to discuss pressing matters like the Russian invasion of Ukraine, sanctions on Russian oil, economic and environmental crises.

On Sunday, German Chancellor Olaf Scholz will host this year's G7&nbsp;summit of leaders from France, the United Kingdom, Italy, Japan, Canada, and the United States, at a five-star hotel in Elmau.

Apart from that, other countries such as India, Argentina, Indonesia, Senegal and South Africa have also been invited as part of the grouping’s efforts to broaden the engagement.

Though Ukraine will be the top of the agenda, there are also other pressing issues that will be discussed.

Price cap on Russian oil?

According to Politico, US and other West allies have expressed disappointment that their sanctions are being skirted by countries like India and China—who have turned out to be the biggest buyers of Russian crude due to the discounts being offered by Moscow.

US Treasury Secretary Janet Yellen has proposed to tackle this issue with a price cap, meaning the West might lift the embargo for those countries that accepted to only buy Russian oil at an agreed maximum price.

US officials claim that Russia and its oil-purchasing partner countries are struggling to find insurance for tankers, and that the price cap can be used as a leverage in exchange for sanctions relief.

‘Climate club’ and post-Covid economic recovery

At the G7 summit, the German government intends to promote international climate cooperation by establishing a climate club. This club is envisioned to&nbsp;foster the implementation of the Paris climate goals, and better coordinate carbon pricing and other schemes for reducing emissions.

A bigger session with the invited countries and international organisations will discuss ways to make a “clean and just transition to climate neutrality”.

The countries will also deliberate on ways to secure energy supplies and control the global soaring fuel prices. They will also brainstorm on the COVID-19 pandemic, strengthening preparedness and response, and improving the global health architecture.

They will also discuss the darkening global economic outlook, the official said - the challenge being controlling government spending without sending the economy into shock.

(With inputs from agencies)

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This weakened, the Group of 7 (G7) countries, the world’s wealthiest, will converge in Germany’s Bavarian Alps to discuss pressing matters like the Russian invasion of Ukraine, sanctions on Russian oil, economic and environmental crises.

This weakened, the Group of 7 (G7) countries, the world’s wealthiest, will converge in Germany’s Bavarian Alps to discuss pressing matters like the Russian invasion of Ukraine, sanctions on Russian oil, economic and environmental crises. On Sunday, German Chancellor Olaf Scholz will host this year's G7 summit of leaders from France, the United Kingdom, Italy, Japan, Canada, and the United States, at a five-star hotel in Elmau. Apart from that, other countries such as India, Argentina, Indonesia, Senegal and South Africa have also been invited as part of the grouping’s efforts to broaden the engagement. Though Ukraine will be the top of the agenda, there are also other pressing issues that will be discussed. Price cap on Russian oil? According to Politico, US and other West allies have expressed disappointment that their sanctions are being skirted by countries like India and China—who have turned out to be the biggest buyers of Russian crude due to the discounts being offered by Moscow. US Treasury Secretary Janet Yellen has proposed to tackle this issue with a price cap, meaning the West might lift the embargo for those countries that accepted to only buy Russian oil at an agreed maximum price. US officials claim that Russia and its oil-purchasing partner countries are struggling to find insurance for tankers, and that the price cap can be used as a leverage in exchange for sanctions relief. ‘Climate club’ and post-Covid economic recovery At the G7 summit, the German government intends to promote international climate cooperation by establishing a climate club. This club is envisioned to foster the implementation of the Paris climate goals, and better coordinate carbon pricing and other schemes for reducing emissions. A bigger session with the invited countries and international organisations will discuss ways to make a “clean and just transition to climate neutrality”. The countries will also deliberate on ways to secure energy supplies and control the global soaring fuel prices. They will also brainstorm on the COVID-19 pandemic, strengthening preparedness and response, and improving the global health architecture. They will also discuss the darkening global economic outlook, the official said - the challenge being controlling government spending without sending the economy into shock. (With inputs from agencies) WATCH WION LIVE HERE

G7 Summit: What will be on the agenda at the meet?

India's purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to data reviewed by Reuters.&nbsp;

Russia, facing severe Western sanctions over its invasion of Ukraine, warned the European Union in April against sweeping sanctions on coal, saying they would backfire as the fuel would be redirected to other markets.

India has refrained from condemning Russia, with which it has longstanding political and security ties while calling for an end to violence in Ukraine. New Delhi defends its purchases of Russian goods as part of an effort to diversify supplies and argues a sudden halt would jack up world prices and hurt its consumers.&nbsp;

U.S. officials have told India there is no ban on energy imports from Russia but they do not want to see a "rapid acceleration". Yet as European importers shun trade with Moscow, Indian buyers are lapping up huge quantities of Russian coal despite high freight costs.&nbsp;

Its purchases of coal and related products jumped more than six-fold in the 20 days through Wednesday from the same period a year earlier to $331.17 million, according to unpublished Indian government data reviewed by Reuters.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/crypto-crash-bitcoin-last-down-74-at-18915-489531">Crypto Crash: Bitcoin last down 7.4 per cent at $18,915</a>

Indian refiners similarly have snapped up cheap Russian oil shunned by Western countries. The value of India's oil trade with Russia in the 20 days through Wednesday jumped more than 31-fold to $2.22 billion, the data showed.

"The Russian traders have been liberal with payment routes and are accepting payments in Indian rupee and the United Arab Emirates dirham," one source said. "The discounts are attractive, and this trend of higher Russian coal purchases will continue."

(with inputs from agencies)

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India's purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to data reviewed by Reuters.

India's purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to data reviewed by Reuters. Russia, facing severe Western sanctions over its invasion of Ukraine, warned the European Union in April against sweeping sanctions on coal, saying they would backfire as the fuel would be redirected to other markets. India has refrained from condemning Russia, with which it has longstanding political and security ties while calling for an end to violence in Ukraine. New Delhi defends its purchases of Russian goods as part of an effort to diversify supplies and argues a sudden halt would jack up world prices and hurt its consumers. U.S. officials have told India there is no ban on energy imports from Russia but they do not want to see a "rapid acceleration". Yet as European importers shun trade with Moscow, Indian buyers are lapping up huge quantities of Russian coal despite high freight costs. Its purchases of coal and related products jumped more than six-fold in the 20 days through Wednesday from the same period a year earlier to $331.17 million, according to unpublished Indian government data reviewed by Reuters. Also Read: Crypto Crash: Bitcoin last down 7.4 per cent at $18,915 Indian refiners similarly have snapped up cheap Russian oil shunned by Western countries. The value of India's oil trade with Russia in the 20 days through Wednesday jumped more than 31-fold to $2.22 billion, the data showed. "The Russian traders have been liberal with payment routes and are accepting payments in Indian rupee and the United Arab Emirates dirham," one source said. "The discounts are attractive, and this trend of higher Russian coal purchases will continue." (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India's Russian coal buying spikes as traders offer steep discounts: Report

Western sanctions have crippled the Russian economy but failed to stop the war in Ukraine. Instead, sanctions have globalised inflation and shortages. Palki Sharma tells you why sanctions have historically failed.

Gravitas: Sanctions cripple Russia, but fail to end war

Moscow has imposed sanctions targeting US officials in the treasury, energy, defense and media sectors. The US has issued warrants to seize two planes owned by a Russian oligarch

Sanctions war between Russia and US: Russia imposes personal sanctions on 61 top US officials

Russian Foreign Ministry said on Monday (June 6) that Moscow had imposed personal sanctions on 61 US officials. Those under sanctions include US Treasury Secretary Janet Yellen, Energy Secretary Jennifer Granholm and more including those is USA's defense sector and media.

Personal sanctions would mean that these people will be banned from entering Russia. The ministry said that the sanctions were imposed in retaliation for "constantly expanding U.S. sanctions against Russian political and public figures, as well as representatives of domestic business."

The ministry added that the individuals under sanctions include heads of leading military-industrial corporations, media platforms, rating agencies and aircraft and shipbuilding companies, as well as individual US State Department officials. These officials, as per the Russian ministry, were "involved in fake reports about 'malicious' Russian cyber attacks"

Here are some of the names against whom sanctions have been imposed by Russia

<ul>
	<li>US Trade Representative Katherine Tai</li>
	<li>Edward Bastian, chief executive of Delta Air Lines</li>
	<li>White House Communications Director Kate Bedingfield</li>
	<li>White House Budget director Shalanda Young</li>
	<li>James O'Brien, head of the State Department Office of Sanctions Coordination</li>
	<li>Nw York Stock Exchange Chairman Jeffrey Sprecher</li>
	<li>Fitch Group President and Chief Executive Paul Taylor</li>
</ul>

Relations between the US and Russia are streched currently particularly over Russian invasion of Ukraine. The US and the western countries have already imposed sanctions on Russia.

(With inputs from agencies)

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Russian Foreign Ministry said on Monday (June 6) that Moscow had imposed personal sanctions on 61 US officials. Those under sanctions include US Treasury Secretary Janet Yellen, Energy Secretary Jennifer Granholm and more including those is USA's defense sector and media.

Russian Foreign Ministry said on Monday (June 6) that Moscow had imposed personal sanctions on 61 US officials. Those under sanctions include US Treasury Secretary Janet Yellen, Energy Secretary Jennifer Granholm and more including those is USA's defense sector and media. Personal sanctions would mean that these people will be banned from entering Russia. The ministry said that the sanctions were imposed in retaliation for "constantly expanding U.S. sanctions against Russian political and public figures, as well as representatives of domestic business." The ministry added that the individuals under sanctions include heads of leading military-industrial corporations, media platforms, rating agencies and aircraft and shipbuilding companies, as well as individual US State Department officials. These officials, as per the Russian ministry, were "involved in fake reports about 'malicious' Russian cyber attacks" Here are some of the names against whom sanctions have been imposed by Russia US Trade Representative Katherine Tai Edward Bastian, chief executive of Delta Air Lines White House Communications Director Kate Bedingfield White House Budget director Shalanda Young James O'Brien, head of the State Department Office of Sanctions Coordination Nw York Stock Exchange Chairman Jeffrey Sprecher Fitch Group President and Chief Executive Paul Taylor Relations between the US and Russia are streched currently particularly over Russian invasion of Ukraine. The US and the western countries have already imposed sanctions on Russia. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Russia announces personal sanctions on 61 top US officials

West African leaders have put off sanctions. There are still no sanctions on African Juntas. ECOWAS is aiming to limit political turmoil in West Africa.

No sanctions yet on African Juntas as West African leaders put them off

It is days after the European leaders reached a compromise to impose a partial oil embargo on Russia after a long delay package of sanctions that was blocked by Hungary. The central European nation Hungary once again refuses to give green light to the EU sanctions

Hungary delays oil ban over Putin's patriarch

OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation's ability to produce more.

Reports: Oil group OPEC+ mulls excluding Russia from production deal

European Union leaders reached a compromise deal to impose a partial oil embargo on Russia at a summit focused on supporting Ukraine with a long-term delay package of sanctions blocked by Hungary.

EU leaders agree on a partial embargo on Russian oil

Serbian President Aleksandar Vucic says his country has reached deal with Russia for supplies of natural gas following a telephone conversation with Russian President Vladimir Putin.

Serbia secures gas deal with Russia, ignores EU sanctions

Russia and China vetoed a US-drafted United Nations Security Council resolution to strengthen sanctions on North Korea in a vote the US ambassador to the UN called dangerous.

China and Russia veto new UN sanctions on North Korea

The Russian president Vladimir Putin and the Italian Prime Minister Mario Draghi discussed ways to ease the international food crisis, with the Kremlin saying this could be done only if the West lifts sanctions.

Russian President Putin, Italy’s PM Draghi discuss ways to help solve food crisis

EU has now proposed an orderly ban on Russian oil imports and this comes after the Russian President Vladimir Putin said that he will now seize all export deals and contracts with the US and its European allies if they continue to support Ukraine.

Russia-Ukraine crisis: EU proposes 'orderly' ban on Russian oil import

Russia continues to intensify its military offensive on Ukraine the European Commission has now said that it will bring in a gradual ban on Russian oil imports in retaliation for its war in Ukraine.

Russia-Ukraine crisis: EU presents sixth package of sanctions against Moscow

As the Russia-Ukraine conflict continues to intensify, Russian president Vladimir Putin has now notified the West that Russia would seize export deals and contracts with the US and its allies if they continue to back Ukraine amid the ongoing war.

'Moscow can end exports and contracts,' Putin warns West over sanctions

The European Commission is expected to propose a sixth package of EU sanctions this week against Russia over its February 24 invasion of Ukraine, including a possible embargo on buying Russian oil.

EU prepares next Russia sanctions including German-backed oil ban

The European Union is said to propose a phased out ban of Russian oil imports, this will come as part of fresh round of sanctions against Russia for its invasion of Ukraine. According to diplomats, the European Commission which commonly draws up sanctions for the bloc is currently in the midst of preparing a text that could be put in front of the 27 member states as possible.

EU to set to unveil new Russia sanctions amid Ukraine invasion

Chinese President&nbsp;Xi&nbsp;Jinping reiterated&nbsp;China's&nbsp;opposition to unilateral sanctions and "long-arm jurisdiction" in a speech on Thursday, without directly mentioning the West's punitive actions against Russia for its invasion of Ukraine.

China has repeatedly criticised western sanctions, including those against Russia, but it has also been careful not to provide assistance to Moscow that could lead to sanctions being imposed on Beijing.

Also read |&nbsp;<a href="https://www.wionews.com/world/amid-russias-donbas-offensive-us-sends-warplanes-to-ukraine-472278">Amid Russia's Donbas offensive, US sends warplanes to Ukraine</a>

Delivering a video speech to the annual Boao Forum for Asia gathering on the southern Chinese island of Hainan,&nbsp;Xi&nbsp;warned that economic "de-coupling" and pressure tactics such as severing supply chains would not work.

"China would like to put forward a global security initiative" that upholds "the principle of indivisibility of security,"&nbsp;Xi&nbsp;said.

"We should uphold the principle of indivisibility of security, build a balanced, effective and sustainable security architecture, and oppose the building of national security on the basis of insecurity in other countries."

Watch |&nbsp;Gravitas Global Headlines: Ukraine refugee crisis | Mariupol could fall within hours

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Russia has insisted that Western governments respect a 1999 agreement based on the principle of "indivisible security" that no country can strengthen its own security at the expense of others.

China and Russia have grown increasingly close, and China has refused to condemn Russia's invasion of Ukraine, which Moscow calls a "special operation". China has blamed the Ukraine crisis on NATO's eastward expansion.

Also read |&nbsp;<a href="https://www.wionews.com/world/security-deal-with-china-wont-affect-peace-says-solomon-islands-prime-minister-472403">Security deal with China won't affect peace, says Solomon Islands prime minister</a>

Xi&nbsp;said efforts are needed to stabilise global supply chains, but also said&nbsp;China's&nbsp;economy is resilient and that its long-term trend had not changed.

China's&nbsp;economy is facing headwinds from the impact of its aggressive efforts to stem the spread of COVID-19, especially in its economic hub of Shanghai.&nbsp;Xi&nbsp;did not mention&nbsp;China's&nbsp;COVID crisis during the speech.

Chinese President Xi Jinping reiterated China's opposition to unilateral sanctions and "long-arm jurisdiction" in a speech on Thursday, without directly mentioning the West's punitive actions against Russia for its invasion of Ukraine.

Chinese President Xi Jinping reiterated China's opposition to unilateral sanctions and "long-arm jurisdiction" in a speech on Thursday, without directly mentioning the West's punitive actions against Russia for its invasion of Ukraine. China has repeatedly criticised western sanctions, including those against Russia, but it has also been careful not to provide assistance to Moscow that could lead to sanctions being imposed on Beijing. Also read | Amid Russia's Donbas offensive, US sends warplanes to Ukraine Delivering a video speech to the annual Boao Forum for Asia gathering on the southern Chinese island of Hainan, Xi warned that economic "de-coupling" and pressure tactics such as severing supply chains would not work. "China would like to put forward a global security initiative" that upholds "the principle of indivisibility of security," Xi said. "We should uphold the principle of indivisibility of security, build a balanced, effective and sustainable security architecture, and oppose the building of national security on the basis of insecurity in other countries." Watch | Gravitas Global Headlines: Ukraine refugee crisis | Mariupol could fall within hours Russia has insisted that Western governments respect a 1999 agreement based on the principle of "indivisible security" that no country can strengthen its own security at the expense of others. China and Russia have grown increasingly close, and China has refused to condemn Russia's invasion of Ukraine, which Moscow calls a "special operation". China has blamed the Ukraine crisis on NATO's eastward expansion. Also read | Security deal with China won't affect peace, says Solomon Islands prime minister Xi said efforts are needed to stabilise global supply chains, but also said China's economy is resilient and that its long-term trend had not changed. China's economy is facing headwinds from the impact of its aggressive efforts to stem the spread of COVID-19, especially in its economic hub of Shanghai. Xi did not mention China's COVID crisis during the speech.

Chinese president reiterates opposition to use of economic sanctions

Chanel announced in March that it was closing down stores in Russia to comply with Western sanctions. Now Russian influencers are chopping down Chanel bags worth $7,000 each.

Chopping up Chanel: Russian influencers chop down Chanel bags worth $7,000 each

Russia has faced a multitude of sanctions, not only from the United States but also from western and European nations, and now it is retaliating with tit-for-tat.&nbsp;

As per reports by the Russian Interfax news agency, Moscow is sanctioning 398 members of the US Congress and 87 Canadian senators in a retaliatory move.

Also read |&nbsp;<a href="https://www.wionews.com/world/sadists-rapists-russian-forces-using-rape-as-punishing-tactic-in-ukraine-un-womens-body-voices-concern-470378" hreflang="en">'Sadists, rapists': Russian forces using rape as punishing tactic in Ukraine, UN women's body voices concern</a>

“New announcements of Russian counter measures are planned in the near future, involving an increase in the number of people on the 'stop list' and other retaliatory steps," Russia's foreign ministry said, according to Interfax.

Russia has reportedly introduced these sanctions in reprisal for the US's punitive measure for Moscow’s attack on Ukraine. The attack which began on 24th February today completes seven weeks of fear, violence, and deaths.

"Taking into account the sanctions the US is constantly introducing, further announcements of Russian countermeasures are planned in the near future," the Russian foreign ministry announced, adding that these sanctions include an entry ban.

Watch |&nbsp;'Moscow will continue its invasion of Ukraine until 'noble aims' are fulfilled,' says Putin

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In another statement, the ministry also vowed to announce additional sanctions for Ottawa’s "short-sighted" politics.

Following the invasion, Moscow faced a number of crippling sanctions that targeted its economy.

The country has seen the exclusion of its multiple banks from the SWIFT messaging system. It was also met with individual sanctions on its oligarchs, seizing of their personal property like yachts, a coal embargo and restrictions on new investments.

Also read |&nbsp;<a href="https://www.wionews.com/photos/russia-ukraine-conflict-these-eu-allies-have-expelled-around-150-russian-diplomats-468612">Russia-Ukraine conflict: These EU allies have expelled around 150 Russian diplomats</a>

Additionally, its diplomats have also faced expulsion on charges of alleged spying and espionage.

The prolonged isolation that Russia faces has landed it in a deep economic depression, with its currency Ruble losing its value rapidly. Due to the sanctions, the currency fell to the low of 121.5 rubles per dollar. The ruble is recovering today, with the exchange rate at 82.35 rubles to the dollar on Thursday.

(With inputs from agencies)

Russia has faced a multitude of sanctions, not only from the United States but also from western and European nations, and now it is retaliating with tit-for-tat.

Russia has faced a multitude of sanctions, not only from the United States but also from western and European nations, and now it is retaliating with tit-for-tat. As per reports by the Russian Interfax news agency, Moscow is sanctioning 398 members of the US Congress and 87 Canadian senators in a retaliatory move. Also read | 'Sadists, rapists': Russian forces using rape as punishing tactic in Ukraine, UN women's body voices concern “New announcements of Russian counter measures are planned in the near future, involving an increase in the number of people on the 'stop list' and other retaliatory steps," Russia's foreign ministry said, according to Interfax. Russia has reportedly introduced these sanctions in reprisal for the US's punitive measure for Moscow’s attack on Ukraine. The attack which began on 24th February today completes seven weeks of fear, violence, and deaths. "Taking into account the sanctions the US is constantly introducing, further announcements of Russian countermeasures are planned in the near future," the Russian foreign ministry announced, adding that these sanctions include an entry ban. Watch | 'Moscow will continue its invasion of Ukraine until 'noble aims' are fulfilled,' says Putin In another statement, the ministry also vowed to announce additional sanctions for Ottawa’s "short-sighted" politics. Following the invasion, Moscow faced a number of crippling sanctions that targeted its economy. The country has seen the exclusion of its multiple banks from the SWIFT messaging system. It was also met with individual sanctions on its oligarchs, seizing of their personal property like yachts, a coal embargo and restrictions on new investments. Also read | Russia-Ukraine conflict: These EU allies have expelled around 150 Russian diplomats Additionally, its diplomats have also faced expulsion on charges of alleged spying and espionage. The prolonged isolation that Russia faces has landed it in a deep economic depression, with its currency Ruble losing its value rapidly. Due to the sanctions, the currency fell to the low of 121.5 rubles per dollar. The ruble is recovering today, with the exchange rate at 82.35 rubles to the dollar on Thursday. (With inputs from agencies)

Russia-Ukraine conflict: Moscow’s tit-for-tat move; slaps sanctions on US, Canada

A former researcher at a high-profile cryptocurrency group was sentenced to five years and three months in prison on Tuesday for conspiring to help North Korea evade US&nbsp;sanctions using cryptocurrency, federal prosecutors in Manhattan said.&nbsp;

Virgil Griffith was arrested in 2019 and pleaded guilty last September to conspiring to violate the International Emergency Economic Powers Act by travelling to North Korea to present on blockchain technology.

Griffith formerly worked for the Ethereum Foundation, a non-profit that works to support the technology behind the cryptocurrency ether.

The sentence, imposed by US&nbsp;District Judge Kevin Castel, was the minimum amount of prison time prosecutors had sought. Griffith had asked for a sentence of two years. Castel also fined Griffith $100,000, below the $1 million prosecutors suggested.

Griffith's attorney Brian Klein said in a statement that while the sentence was disappointing, the judge "acknowledged Virgil's commitment to moving forward with his life productively and that he is a talented person who has a lot to contribute."

US&nbsp;Attorney Damian Williams said in a statement on Tuesday that "justice has been served."

Griffith, who has a doctorate from the California Institute of Technology, travelled to North Korea via China in April 2019 to deliver a presentation at the Pyongyang Blockchain and Cryptocurrency Conference, despite being denied permission by the U.S. Department of State to go, according to prosecutors.

Prosecutors said Griffith understood the information could be used to evade sanctions the U.S. had imposed on North Korea over its development of nuclear weapons technology.

"The most important feature of blockchains is that they are open. And the DPRK can't be kept out no matter what the USA or the UN says," Griffith said during the presentation, according to prosecutors, using the initials of North Korea's official name.

The Ethereum Foundation said at the time of Griffith's arrest that it had not approved or supported his travel to North Korea.

A former researcher at a high-profile cryptocurrency group was sentenced to five years and three months in prison on Tuesday for conspiring to help North Korea evade US sanctions using cryptocurrency, federal prosecutors in Manhattan said.

A former researcher at a high-profile cryptocurrency group was sentenced to five years and three months in prison on Tuesday for conspiring to help North Korea evade US sanctions using cryptocurrency, federal prosecutors in Manhattan said. Virgil Griffith was arrested in 2019 and pleaded guilty last September to conspiring to violate the International Emergency Economic Powers Act by travelling to North Korea to present on blockchain technology. Griffith formerly worked for the Ethereum Foundation, a non-profit that works to support the technology behind the cryptocurrency ether. The sentence, imposed by US District Judge Kevin Castel, was the minimum amount of prison time prosecutors had sought. Griffith had asked for a sentence of two years. Castel also fined Griffith $100,000, below the $1 million prosecutors suggested. Griffith's attorney Brian Klein said in a statement that while the sentence was disappointing, the judge "acknowledged Virgil's commitment to moving forward with his life productively and that he is a talented person who has a lot to contribute." US Attorney Damian Williams said in a statement on Tuesday that "justice has been served." Griffith, who has a doctorate from the California Institute of Technology, travelled to North Korea via China in April 2019 to deliver a presentation at the Pyongyang Blockchain and Cryptocurrency Conference, despite being denied permission by the U.S. Department of State to go, according to prosecutors. Prosecutors said Griffith understood the information could be used to evade sanctions the U.S. had imposed on North Korea over its development of nuclear weapons technology. "The most important feature of blockchains is that they are open. And the DPRK can't be kept out no matter what the USA or the UN says," Griffith said during the presentation, according to prosecutors, using the initials of North Korea's official name. The Ethereum Foundation said at the time of Griffith's arrest that it had not approved or supported his travel to North Korea.

US crypto researcher sentenced to five years for helping North Korea evade sanctions

Roman Abramovich, one of the world's richest men who owns the Chelsea Football Club in the UK, was on Thursday added to the UK government's sanctions list against Russian oligarchs with known links with President Vladimir Putin.

The UK Foreign, Commonwealth and Development Office (FCDO) said Abramovich, worth more than 9 billion pounds (USD 11 billion), is on a new list of seven wealthy Russians whose business empires, wealth and connections are closely associated with the Kremlin.

These oligarchs, with a collective net worth of around 15 billion pounds (USD 19 billion), will have their assets in the UK frozen, be banned from travelling to Britain and no UK citizen or company would be allowed to do business with them.

"There can be no safe havens for those who have supported Putin's vicious assault on Ukraine,"&nbsp;said British Prime Minister Boris Johnson.

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"Today's sanctions are the latest step in the UK's unwavering support for the Ukrainian people. We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies," he said.

Given the significant impact that sanctions on Abramovich would have on the Chelsea Football Club and potential knock on effects, the UK government has also published a licence which authorises a number of football-related activities to continue at Chelsea.

This includes permissions for the club to continue playing matches and other football related activity which will in turn protect the Premier League, the wider football pyramid, fans and other clubs.

"This licence will only allow certain explicitly named actions to ensure the designated individual is not able to circumvent UK sanctions. The licence will be kept under constant review and we will work closely with the football authorities,"&nbsp;the FCDO said.

Others newly-sanctioned by the UK include leading industrialist Oleg Deripaska worth 2 billion pounds (USD 2.6 billion), and Rosneft CEO Igor Sechin.

A further group of Russia-based oligarchs close to Putin have also been placed under sanction&nbsp;including Andrey Kostin, Chairman of VTB bank; Alexei Miller, CEO of energy company Gazprom; Nikolai Tokarev, president of the Russia state-owned pipeline company Transneft; and Dmitri Lebedev, Chairman of the Board of Directors of Bank Rossiya.

"Today's sanctions show once again that oligarchs and kleptocrats have no place in our economy or society. With their close links to Putin they are complicit in his aggression,"&nbsp;said UK Foreign Secretary Liz Truss.

"The blood of the Ukrainian people is on their hands. They should hang their heads in shame. Our support for Ukraine will not waver. We will not stop in this mission to ramp up the pressure on the Putin regime and choke off funds to his brutal war machine," she said.

The sanctions are described as the latest step in the UK's response to Putin's illegal and "unprovoked invasion", designed to ensure he fails in Ukraine by crippling Russia's economy supporting his war machine.

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The FCDO said the UK has been at the forefront of this effort, shutting out large proportions of whole sectors of the Russian economy, such as its defence industry, its financial institutions and its transport sector.

The UK has previously sanctioned more than 200 of Russia's most significant and high-value individuals, entities and subsidiaries since the conflict began, with over 500 of them now covered by the UK's sanctions list.

Britain's fast-tracked Economic Crime Bill, which comes into force next week, is designed to significantly simplify the process of imposing sanctions, allow the UK to more easily sanction individuals, stop oligarchs threatening the UK with multi-million pound lawsuits for damages at the taxpayer's expense and also allow the UK to mirror allies' designations.

"The UK will keep going further, faster and deeper to punish Putin's regime for this callous war,"&nbsp;the FCDO said, adding that it will continue to lead global efforts to provide Ukraine with economic, diplomatic, humanitarian and defensive support.

Roman Abramovich, one of the world's richest men who owns the Chelsea Football Club in the UK, was on Thursday added to the UK government's sanctions list against Russian oligarchs with known links with President Vladimir Putin.

Roman Abramovich, one of the world's richest men who owns the Chelsea Football Club in the UK, was on Thursday added to the UK government's sanctions list against Russian oligarchs with known links with President Vladimir Putin. The UK Foreign, Commonwealth and Development Office (FCDO) said Abramovich, worth more than 9 billion pounds (USD 11 billion), is on a new list of seven wealthy Russians whose business empires, wealth and connections are closely associated with the Kremlin. These oligarchs, with a collective net worth of around 15 billion pounds (USD 19 billion), will have their assets in the UK frozen, be banned from travelling to Britain and no UK citizen or company would be allowed to do business with them. "There can be no safe havens for those who have supported Putin's vicious assault on Ukraine," said British Prime Minister Boris Johnson. ALSO READ: Ligue 1: Kylian Mbappe, Neymar bag hat-tricks as Paris St-Germain thrash Clermont 6-1 "Today's sanctions are the latest step in the UK's unwavering support for the Ukrainian people. We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies," he said. Given the significant impact that sanctions on Abramovich would have on the Chelsea Football Club and potential knock on effects, the UK government has also published a licence which authorises a number of football-related activities to continue at Chelsea. This includes permissions for the club to continue playing matches and other football related activity which will in turn protect the Premier League, the wider football pyramid, fans and other clubs. "This licence will only allow certain explicitly named actions to ensure the designated individual is not able to circumvent UK sanctions. The licence will be kept under constant review and we will work closely with the football authorities," the FCDO said. Others newly-sanctioned by the UK include leading industrialist Oleg Deripaska worth 2 billion pounds (USD 2.6 billion), and Rosneft CEO Igor Sechin. A further group of Russia-based oligarchs close to Putin have also been placed under sanction including Andrey Kostin, Chairman of VTB bank; Alexei Miller, CEO of energy company Gazprom; Nikolai Tokarev, president of the Russia state-owned pipeline company Transneft; and Dmitri Lebedev, Chairman of the Board of Directors of Bank Rossiya. "Today's sanctions show once again that oligarchs and kleptocrats have no place in our economy or society. With their close links to Putin they are complicit in his aggression," said UK Foreign Secretary Liz Truss. "The blood of the Ukrainian people is on their hands. They should hang their heads in shame. Our support for Ukraine will not waver. We will not stop in this mission to ramp up the pressure on the Putin regime and choke off funds to his brutal war machine," she said. The sanctions are described as the latest step in the UK's response to Putin's illegal and "unprovoked invasion", designed to ensure he fails in Ukraine by crippling Russia's economy supporting his war machine. ALSO READ: Serie A: Dusan Vlahovic strikes as Juventus earn crucial win against Cagliari The FCDO said the UK has been at the forefront of this effort, shutting out large proportions of whole sectors of the Russian economy, such as its defence industry, its financial institutions and its transport sector. The UK has previously sanctioned more than 200 of Russia's most significant and high-value individuals, entities and subsidiaries since the conflict began, with over 500 of them now covered by the UK's sanctions list. Britain's fast-tracked Economic Crime Bill, which comes into force next week, is designed to significantly simplify the process of imposing sanctions, allow the UK to more easily sanction individuals, stop oligarchs threatening the UK with multi-million pound lawsuits for damages at the taxpayer's expense and also allow the UK to mirror allies' designations. "The UK will keep going further, faster and deeper to punish Putin's regime for this callous war," the FCDO said, adding that it will continue to lead global efforts to provide Ukraine with economic, diplomatic, humanitarian and defensive support.

UK govt adds Chelsea FC owner Roman Abramovich in sanctions list against Russian oligarchs for Putin link

Britain also ratcheted up sanctions on Russia. UK in a similar move to the United States has targeted Russia's largest bank and has decided to end all new British investment in Moscow, the latest round of sanctions were in response to the reports of civilians being killed by Russian forces in Bucha.

New sanctions on Russia: UK targets Sberbank and credit bank of Moscow

UK, EU impose new sanctions on Russia in response to reports of Bucha killings

The West is all set to announce more sanctions on Russia amid the ongoing Russian invasion of Ukraine. The US & Germany says that new sanctions will be announced soon.

Russia prepares to face more sanctions as the Russian invasion of Ukraine continues

La Ciotat Shipyards, located in a tranquil area of the French Riviera, is preparing bills for mooring costs for the towering white superyacht Amore Vero but is unsure who to send them to.

Reuters reports that the towering 86-metre (282-foot) yacht according to the France finance ministry belongs to a business owned by Russian President Vladimir Putin's closest allies Igor Sechin, the head of Russian state oil major Rosneft. Sechin is one of the many individuals facing sanctions in lieu of the&nbsp;Russian attack on Ukraine.

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France has legally seized the Amore Vero, according to Finance Minister Bruno Le Maire, a move that grants the state custody of the yacht while leaving the costs to the owner.

According to two companies that service the yacht, authorities have not informed third parties of the vessel's status, leaving it unclear who is responsible for its upkeep. An executive at La Ciotat Shipyards said the company was worried about how it would be paid as debts piled up.

Crew&nbsp;wages, repairs, fuel, food, insurance, berth fees, and onshore utilities can all add up to 10 per cent&nbsp;of the value of the largest superyachts, and it might amount to millions of dollars per month for some vessels.

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The financial riches of oligarchs is mostly unaffected in the European Union, but European states have restricted or seized physical assets, including houses and at least 11 superyachts.

The situation surrounding&nbsp;Amore Vero highlights the challenges authorities encounter as they target the assets of Putin's supporters.

Frozen assets in Italy are handled by a publicly nominated administrator, with the state property agency covering maintenance costs. The owner must reimburse them later, or the state can sell the item to recuperate its costs.

Watch |&nbsp;Russia-Ukrainian Crisis: Kharkiv becomes the worst-affected city in the country

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-ukrainian-crisis-kharkiv-becomes-the-worst-affected-city-in-the-country-468343/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In France and Spain, the owner is still responsible for the running costs of a 'frozen' or confiscated boat. However, with the sanctions these owners face, they are often unable to make payments due to bank account blocks.

Another concern for governments, according to Giannis Markogiannis, a Greek lawyer specialising in international yachting law, insurance, and taxation, is that yachts may be held wrongfully.

Giannis&nbsp;noted that if the ownership of a confiscated yacht could not be linked to a person on the sanctions list, it had to be released, leaving the state accountable for any deterioration in condition or damage that occurred during its immobilisation. Owners may potentially file a lawsuit for lost charter earnings or suspension of use.

"We're continuing to invoice," said Alice Boisseau, communications officer for La Ciotat Shipyards to Reuters. However, when asked who would pay the bill, she said they didn't know.

(With inputs from agencies)

La Ciotat Shipyards, located in a tranquil area of the French Riviera, is preparing bills for mooring costs for the towering white superyacht Amore Vero but is unsure who to send them to.

La Ciotat Shipyards, located in a tranquil area of the French Riviera, is preparing bills for mooring costs for the towering white superyacht Amore Vero but is unsure who to send them to. Reuters reports that the towering 86-metre (282-foot) yacht according to the France finance ministry belongs to a business owned by Russian President Vladimir Putin's closest allies Igor Sechin, the head of Russian state oil major Rosneft. Sechin is one of the many individuals facing sanctions in lieu of the Russian attack on Ukraine. Also read | Ukraine-Russia conflict: Here are the top Russian oligarchs hit with EU sanctions France has legally seized the Amore Vero, according to Finance Minister Bruno Le Maire, a move that grants the state custody of the yacht while leaving the costs to the owner. According to two companies that service the yacht, authorities have not informed third parties of the vessel's status, leaving it unclear who is responsible for its upkeep. An executive at La Ciotat Shipyards said the company was worried about how it would be paid as debts piled up. Crew wages, repairs, fuel, food, insurance, berth fees, and onshore utilities can all add up to 10 per cent of the value of the largest superyachts, and it might amount to millions of dollars per month for some vessels. Also read | Russia-Ukraine crisis causes Turkish inflation to hit fresh record of 61.1 per cent The financial riches of oligarchs is mostly unaffected in the European Union, but European states have restricted or seized physical assets, including houses and at least 11 superyachts. The situation surrounding Amore Vero highlights the challenges authorities encounter as they target the assets of Putin's supporters. Frozen assets in Italy are handled by a publicly nominated administrator, with the state property agency covering maintenance costs. The owner must reimburse them later, or the state can sell the item to recuperate its costs. Watch | Russia-Ukrainian Crisis: Kharkiv becomes the worst-affected city in the country In France and Spain, the owner is still responsible for the running costs of a 'frozen' or confiscated boat. However, with the sanctions these owners face, they are often unable to make payments due to bank account blocks. Another concern for governments, according to Giannis Markogiannis, a Greek lawyer specialising in international yachting law, insurance, and taxation, is that yachts may be held wrongfully. Giannis noted that if the ownership of a confiscated yacht could not be linked to a person on the sanctions list, it had to be released, leaving the state accountable for any deterioration in condition or damage that occurred during its immobilisation. Owners may potentially file a lawsuit for lost charter earnings or suspension of use. "We're continuing to invoice," said Alice Boisseau, communications officer for La Ciotat Shipyards to Reuters. However, when asked who would pay the bill, she said they didn't know. (With inputs from agencies)

Russia-Ukraine: Upkeep of yachts seized from Putin's allies rack up millions in bills, who will bear the cost?

The US has frozen the foreign currency reserves of Russia. The US will now halt Russian debt payments. Russia still has 30 day grace period to make payments. Russian bondholders brace for the next hurdles.

US building financial pressure on Russia by stopping Russian debt payments

13 million barrels of Russian oil have been imported by India since February. Recently, the US has issued a warning against rising oil imports and is ready to enforce more sanctions against Russia.

US warns against rising oil imports, New Delhi continues to buy Russian oil

The German National Security Advisor, Jens Plötner, who was on a Delhi visit on Wednesday, has hoped that "back filing" of sanctions imposed by his country against Russia will take place. The West, including Germany and the EU, has announced a number of sanctions against Russia since its invasion of Ukraine on February 24th.&nbsp;

Speaking to the media, German NSA sitting alongside German Envoy Walter J. Lindner said, "When it comes to sanctions, it's only fair that we carry the brunt of the costs. It's in our neighborhood, it's in Europe." Pointing out that "we know that acting together on sanctions might be asking too much... we would like to see a situation where there is no back filing on the sanctions we operate and no friendly country in the world takes the step of taking economic advantage of the war."

His comments come even as many countries in Asia, including India and China, have not joined the Western sanctions. In fact, Moscow has offered discounted Russian oil to India. Indian state-run oil companies are in talks to get discounted oil, but even then, Russia historically has been a marginal supplier of crude oil to India.

The NSA, who is the Foreign and Security Policy Advisor to German chancellor Olaf Scholz, explained, "we are willing to carry significant weight (of sanction) in this but others won't neutralise the burden we are putting on ourselves." In Delhi, he held meetings with NSA Ajit Doval, External Affairs Minister Dr S Jaishankar and Foreign Secretary Harsh Shringla in which the Russian invasion of Ukraine dominated the agenda.&nbsp;

On German Dependency on Russian Energy, the NSA said Berlin has been "engaged in a forceful policy" of reducing its dependency on Russia and we "hope to be independent from Russian coal in the course of this year, and hope to significantly reduce dependency on Russian oil starting this year," but it will take "longer to totally renounce Russian gas." Germany gets 30% of its gas from Russia. The country also announced it would halt the Nord Stream 2 Baltic Sea gas pipeline in the aftermath of the Russian invasion.

Presenting his country's case, he said, "As you see, we are steadily decreasing and not increasing what we are buying from Russia." This will be a suggestion we will make to our friends that it might not be the time to do exactly the contrary to what we are all doing. After the Delhi visit, he goes to Tokyo for talks.

On talks in Delhi, NSA Plötner said, "The aim of my discussions here in Delhi is to better understand how this geopolitical specificity of India plays into your analysis of what is going on in Ukraine." We might have different approaches, but we will still come to the common conclusion that that can't go unchecked". While India has abstained at the UN on issues relating to the Russian invasion of Ukraine, it has called for respect for the territorial integrity and sovereignty of all states, a long-standing policy of New Delhi.

During the meeting with NSA Doval, he emphasised "India’s consistent approach to the peaceful settlement of disputes in accordance with international law and our commitment to the UN Charter."

UK Foreign Secretary Liz Truss, US Deputy National Security Advisor Daleep Singh, and Dutch NSA are in Delhi today for talks, while Russian Foreign Minister Sergei Lavrov will be there on Friday.Asked about Lavrov's visit, the German NSA said, "It can be very useful that foreign minister Lavrov has discussions here in New Delhi and I trust that our Indian friends, be it behind closed doors, also have a clear message."

He also praised Turkey's "efforts" in Russia-Ukraine talks, and explained Berlin's dialogue with Jakarta as a response to Western countries' calls for Russia to be removed from the G20.Indonesia holds the G20 summit in November as the president of the group for this year.&nbsp;

The German National Security Advisor, Jens Plötner, who was on a Delhi visit on Wednesday, has hoped that "back filing" of sanctions imposed by his country against Russia will take place.

The German National Security Advisor, Jens Plötner, who was on a Delhi visit on Wednesday, has hoped that "back filing" of sanctions imposed by his country against Russia will take place. The West, including Germany and the EU, has announced a number of sanctions against Russia since its invasion of Ukraine on February 24th. Speaking to the media, German NSA sitting alongside German Envoy Walter J. Lindner said, "When it comes to sanctions, it's only fair that we carry the brunt of the costs. It's in our neighborhood, it's in Europe." Pointing out that "we know that acting together on sanctions might be asking too much... we would like to see a situation where there is no back filing on the sanctions we operate and no friendly country in the world takes the step of taking economic advantage of the war." His comments come even as many countries in Asia, including India and China, have not joined the Western sanctions. In fact, Moscow has offered discounted Russian oil to India. Indian state-run oil companies are in talks to get discounted oil, but even then, Russia historically has been a marginal supplier of crude oil to India. The NSA, who is the Foreign and Security Policy Advisor to German chancellor Olaf Scholz, explained, "we are willing to carry significant weight (of sanction) in this but others won't neutralise the burden we are putting on ourselves." In Delhi, he held meetings with NSA Ajit Doval, External Affairs Minister Dr S Jaishankar and Foreign Secretary Harsh Shringla in which the Russian invasion of Ukraine dominated the agenda. On German Dependency on Russian Energy, the NSA said Berlin has been "engaged in a forceful policy" of reducing its dependency on Russia and we "hope to be independent from Russian coal in the course of this year, and hope to significantly reduce dependency on Russian oil starting this year," but it will take "longer to totally renounce Russian gas." Germany gets 30% of its gas from Russia. The country also announced it would halt the Nord Stream 2 Baltic Sea gas pipeline in the aftermath of the Russian invasion. Presenting his country's case, he said, "As you see, we are steadily decreasing and not increasing what we are buying from Russia." This will be a suggestion we will make to our friends that it might not be the time to do exactly the contrary to what we are all doing. After the Delhi visit, he goes to Tokyo for talks. On talks in Delhi, NSA Plötner said, "The aim of my discussions here in Delhi is to better understand how this geopolitical specificity of India plays into your analysis of what is going on in Ukraine." We might have different approaches, but we will still come to the common conclusion that that can't go unchecked". While India has abstained at the UN on issues relating to the Russian invasion of Ukraine, it has called for respect for the territorial integrity and sovereignty of all states, a long-standing policy of New Delhi. During the meeting with NSA Doval, he emphasised "India’s consistent approach to the peaceful settlement of disputes in accordance with international law and our commitment to the UN Charter." UK Foreign Secretary Liz Truss, US Deputy National Security Advisor Daleep Singh, and Dutch NSA are in Delhi today for talks, while Russian Foreign Minister Sergei Lavrov will be there on Friday.Asked about Lavrov's visit, the German NSA said, "It can be very useful that foreign minister Lavrov has discussions here in New Delhi and I trust that our Indian friends, be it behind closed doors, also have a clear message." He also praised Turkey's "efforts" in Russia-Ukraine talks, and explained Berlin's dialogue with Jakarta as a response to Western countries' calls for Russia to be removed from the G20.Indonesia holds the G20 summit in November as the president of the group for this year.

In Delhi, German NSA hopes no 'back filing' of sanctions will take place

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