We elaborate on US sanctions against Russia

(CNN) – U.S. Treasury Secretary Wally Adiemo explained Tuesday’s announcement of Russia’s sanctions, describing the Biden administration’s three – pronged approach.

“The sanctions we have imposed are significant measures that have affected Russia in many ways,” Adeyemo told MSNBC during a brief appearance.

On Tuesday, US President Joe Biden announced the “first installment” of US sanctions against Russia, including two major financial institutions, the Russian sovereign debt and the Russian elite and their relatives.

Sanctions against Russia, in detail

Banks: “(In banks) one of the banks we followed, was critical to efficiency [el presidente de Rusia] Vladimir Putin to present power within Russia. The money they use to pay the Kremlin is used to pay for goods within the country. The second bank was critical to its defense sector and its ability to plan power outside of Russia. We have isolated those banks from the US financial system and their assets have been frozen by the measures we have taken today, ”Adeimo said.

Individuals“We isolate the Russian elite. These elites are close to the Kremlin and close to Putin. The truth is that Vladimir Putin has a lot of wealth from this elite’s money and the Russian economy. We cut off.

debt: “Our move to reduce sovereign debt means that over time, Russia’s economy will lose the resources it needs to express its power within the region and around the world.”

Echoing Biden’s comments yesterday, Adeyemo acknowledged that there would be some costs to Americans, including the gas pump.

“The president told us that we need to take action that will severely affect the Russian economy and reduce the impact on the United States and Europe, but there will be costs, and our goal will be to ensure that we reduce those costs over time,” he said.

When asked about oligarchy that has funds spread across many countries, Adeimo said it involves the abuse of their relatives, including their children.

“One of the things we did yesterday was to follow the people mentioned and their children, and as we continue, our goal will be to make sure that the people around them are targeted. The money they send through those people to places like London and New York can no longer flow,” he said. And we will limit the potential of this money to President Putin, “he said.

Biden’s recent sanctions against Russia target families in Putin’s inner circle. These are the victims

The US sanctions, triggered by Russia’s recent actions in Ukraine, include untouched targets in the past: relatives of members of President Vladimir Putin’s inner circle.

The Biden administration sent a clear signal that the target list for personal sanctions was beyond public officials and financiers, as part of a new attempt to close the door to Putin’s key allies, including the sons of two powerful figures close to the Russian president. Protect their wealth by giving to their family members.

Denis Portnikov and Vladimir Kryenko, Who were appointed by the Treasury Department on Tuesday to personal sanctions, hold their own key positions in Russian business. However, the two will freeze their assets in the United States and be barred from contacting anyone in the United States because their parents serve as Putin’s head of national intelligence and one of his closest advisers.

“They share in the corrupt gains of the Kremlin’s policies, and they must share in the pain,” Biden said Tuesday.

The permission of the children of two officials close to Putin has not had the impact of other measures announced on Tuesday, particularly sanctions on Russia’s two most important banks and a reduction in the country’s ability to access Western funds. .

But they seek to disrupt the most personal components of the Russian economy, representing Putin’s inner circle and his family members associated with him, who are consolidating extraordinary wealth and power within the country.

“This is unprecedented because we are expanding the range of US sanctions to prevent elites close to Putin from using his sons to cover up assets, avoid spending and waste the resources of the Russian people,” a senior Russian government official said. “This is a new approach.”

It is clear that the initial salvo of that approach will not be the last, officials say.

Sanctions target “powerful Russians within Putin’s inner circle who are believed to be involved in the kleptocracy of the Russian regime and their relatives.” According to the Treasury Department.

Denis Portnikov was the son of Alexander Portnikov, The powerful head of the Federal Security Service, is known as Russia’s National Intelligence FSB. Portnikovs’ senior, who had already been banned in March last year, was re-appointed to the hurdles in the new round.

Vladimir Kryenko is the son of Sergei Kryenko, The former prime minister and current chief executive of the presidency, is considered by US officials to be “Putin’s overseer of domestic policy.” Senior Krienko, who was banned in 2021, was re-appointed on Tuesday for sanctions.

Redesigns are needed to create a legal way to employ your children that will freeze all assets in the United States or assets or interests controlled or controlled by an American citizen.

The two sons currently play key roles: Portnikov is the vice president of VTB Bank, one of Russia’s largest financial institutions, and Krienko is the newly appointed CEO of VK Group, the parent company of the Russian social network VK. Itself the “largest European social network”.

Third allowed, Peter FratkovHe was the CEO of Promsvyazbank, a military bank targeted for sanctions on Tuesday. But at the top of Putin’s orbit he has a key family connection.

Fratkov is the son of Mikhail Fratkov., Former Prime Minister of Russia and former head of the Russian Foreign Intelligence Service or SVR. Senior Fratkov was subjected to US sanctions in 2018.