News / Europe

Russia Lashes Out at Latest Western Sanctions

A sign showing the logo of Russia's VTB Bank is seen along a road in Moscow, July 17, 2014.
A sign showing the logo of Russia's VTB Bank is seen along a road in Moscow, July 17, 2014.
VOA News

Russia is lashing out at new U.S. and European economic sanctions imposed to protest what the West sees as Moscow's intervention in Ukraine.

The Russian Foreign Ministry Wednesday called new restrictions targeting the Russian energy, defense, technology and finance sectors "destructive and short-sighted."  It said Washington is behaving in a "pretentious, prosecutorial manner" that will lead to "further aggravation of U.S.-Russia relations."

The new sanctions, the strongest against Moscow since the Cold War, are aimed at further weakening a Russian economy already sliding toward recession.  U.S. officials say the newest restrictions could affect 30 percent of Russia's banking sector, with other sanctions curbing exports and business with Russian companies.

New US, EU sanctions on Russia

  • Until July 29, 2014, sanctions solely targeted individuals and organizations accused of directly threatening Ukraine and its interests
  • New sanctions prohibit Russian state-owned banks from raising funds in Western capital markets
  • About 30% of Russia’s banking sector will be impacted
  • Energy-related technology used for Russia’s oil exploration and development is blocked
  • Affected areas include technology relating to deep-water or Arctic drilling and exploration projects
  • EU officials say the ban extends to about 10% of overall energy exports to Russia
  • Restrictions on Russian arms exports
  • A ban on trade of dual-use sensitive defense technologies with Russia

Sources: Reuters and multiple news reports

The European Union said it also is targeting eight assitional individuals with sanctions, including three men it identified as close associates of Russian President Vladimir Putin. The EU described one of those sanctioned, Arkady Rotenberg, as Putin's former judo sparring partner and owner of companies that won lucrative contracts at the Sochi Winter Olympics.

German Vice Chancellor Sigmar Gabriel, along with economic analysts, said the sanctions will soon impact the Russian economy.

"I think they will very quickly show an effect, because the Russian economy is not in a good shape and of course those who are affected by [the sanctions], the Russian oligarchs, won't want their opportunities to move, and their investment of money freely in Europe, to be limited," said Gabriel.

The U.S. and the EU are protesting Russia's annexation of Ukraine's Crimean peninsula, its alleged support of pro-Russian separatists fighting against Kyiv in eastern Ukraine and its suspected role in the downing of a Malaysian passenger jet, which killed all 298 people aboard.

Western officials say the plane was struck with a Russian-made missile likely fired by rebels who mistakenly thought they were targeting a Ukrainian military aircraft.

The International Monetary Fund has slashed its 2014 economic growth forecast for Russia to nearly zero, down from 1.3 percent last year.

One key Russian lawmaker, Alexei Pushkov, said that with the sanctions, President Barack Obama will go down in history as a U.S. president who started a new Cold War.  The American leader earlier denied such contentions, saying the sanctions are aimed specifically as a response to Russia's actions in Ukraine.

You May Like

Tired of Waiting, South Africans Demand Change ‘Now’

With chronic poverty and lack of basic services largely fueling recent xenophobic attacks, many in Rainbow Nation say it’s time for government to act More

Challenges Ahead for China's Development Plans in Pakistan

Planned $46 billion in energy and infrastructure investments in Pakistan are aimed at transforming the country into a regional hub for trade and investment More

Audio 'Forbidden City' Revisits Little Known Era of Asian-American Entertainment

Little-known chapter of entertainment history captured in 80s documentary is revisited in new digitally remastered format and book More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Study: Insecticide Damaging Wild Bee Populationsi
X
April 24, 2015 10:13 PM
A popular but controversial type of insecticide is damaging important wild bee populations, according to a new study. VOA’s Steve Baragona has more.
Video

Video Study: Insecticide Damaging Wild Bee Populations

A popular but controversial type of insecticide is damaging important wild bee populations, according to a new study. VOA’s Steve Baragona has more.
Video

Video Data Servers Could Heat Private Homes

As every computer owner knows, when their machines run a complex program they get pretty hot. In fact, cooling the processors can be expensive, especially when you're dealing with huge banks of computer servers. But what if that energy could heat private homes? VOA’s George Putic reports that a Dutch energy firm aims to do just that.
Video

Video Cinema That Crosses Borders Showcased at Tribeca Film Festival

Among the nearly 100 feature length films being shown at this year’s Tribeca Film Festival in New York City are more than 20 documentaries and features with international appeal, from a film about a Congolese businessman in China, to documentaries shot in Pakistan and diaspora communities in the U.S., to a poetic look at disaffected South African youth. VOA’s Carolyn Weaver has more.
Video

Video UN Confronts Threat of Young Radicals

The radicalization and recruitment of young people into Islamist extremist groups has become a growing challenge for governments worldwide. On Thursday, the U.N. Security Council heard from experts on the issue, which has become a potent threat to international peace and security. VOA’s Margaret Besheer reports.
Video

Video Growing Numbers of Turks Discover Armenian Ancestry

In a climate of improved tolerance, growing numbers of people in Turkey are discovering their grandmothers were Armenian. Hundreds of thousands of Armenians escaped the mass deportations and slaughter of the early 1900's by forced conversion to Islam. Or, Armenian children were taken in by Turkish families and assimilated. Now their stories are increasingly being heard. Dorian Jones reports from Istanbul that the revelations are viewed as an important step.
Video

Video Migrants Trek Through Western Balkans to Reach EU

Migrants from Africa and other places are finding different routes into the European Union in search of a better life. The Associated Press followed one clandestine group to document their trek through the western Balkans to Hungary. Zlatica Hoke reports that the migrants started using that route about four years ago. Since then, it has become the second-most popular path into Western Europe, after the option of sailing from North Africa to Italy.
Video

Video TIME Magazine Honors Activists, Pioneers Seen as Influential

TIME Magazine has released its list of celebrities, leaders and activists, whom it deems the world’s “most influential” in 2015. VOA's Ramon Taylor reports from New York.
Video

Video US Businesses See Cuba as New Frontier

The Obama administration's opening toward Cuba is giving U.S. companies hope they'll be able to do business in Cuba despite the continuation of the U.S. economic embargo against the communist nation. Some American companies have been able to export some products to Cuba, but the recent lifting of Cuba's terrorism designation could relax other restrictions. As VOA's Daniela Schrier reports, corporate heavy hitters are lining up to head across the Florida Straits - though experts urge caution.
Video

Video Kenya Launches Police Recruitment Drive After Terror Attacks

Kenya launched a major police recruitment drive this week as part of a large-scale effort to boost security following a recent spate of terror attacks. VOA’s Gabe Joselow reports that allegations of corruption in the process are raising old concerns about the integrity of Kenya’s security forces.
Video

Video Japan, China in Race for Asia High-Speed Rail Projects

A lucrative competition is underway in Asia for billions of dollars in high-speed rail projects. Cambodia, India, Indonesia, Malaysia Thailand and Vietnam are among the countries planning to move onto the fast track. They are negotiating with Japan and the upstart Chinese who are locked in a duel to revolutionize transportation across Asia. VOA Correspondent Steve Herman in Bangkok has details.
Video

Video Scientists: Mosquitoes Attracted By Our Genes

Some people always seem to get bitten by mosquitoes more than others. Now, scientists have proved that is really the case - and they say it’s all because of genes. It’s hoped the research might lead to new preventative treatments for diseases like malaria, as Henry Ridgwell reports from London.
Video

Video Bible Museum Coming to Washington DC

Washington is the center of American political power and also home to some of the nation’s most visited museums. A new one that will showcase the Bible has skeptics questioning the motives of its conservative Christian funders. VOA religion correspondent Jerome Socolovsky reports.
Video

Video Armenia and Politics of Word 'Genocide'

A century ago this April, hundreds of thousands of Armenians of the Turkish Ottoman empire were deported and massacred, and their culture erased from their traditional lands. While broadly accepted by the U.N. and at least 20 countries as “genocide”, the United States and Turkey have resisted using that word to describe the atrocities that stretched from 1915 to 1923. But Armenians have never forgotten.
Video

Video Afghan First Lady Pledges No Roll Back on Women's Rights

Afghan First Lady Rula Ghani, named one of Time's 100 Most Influential, says women should take part in talks with Taliban. VOA's Rokhsar Azamee has more from Kabul.
Video

Video New Brain Mapping Techniques Could Ease Chronic Pain

From Boulder, Colorado, Shelley Schlender reports that new methods for mapping pain in the brain are providing validation for chronic pain and might someday guide better treatment.

VOA Blogs