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re: Russia SANCTIONS: Putin Hiding Money, Lover & 4 Children in Switzerland
UK Sanctions Belarus For Ukraine Invasion Role
Canadas' New Sanctions Targeting Russia
ExxonMobil and Boeing Take Action Over Russia Ties
Apple to Halt Sales and Limit Services in Russia
Apple is the latest firm to stop selling products in Russia and will limit Apple Pay and other services.
Russians Feel The Pain of International Sanctions
BBC 2 MAR 2022
UK Sanctions Belarus For Ukraine Invasion Role
The UK has targeted Belarusian army chiefs as part of its first wave of sanctions against Belarus for its role in Russia's invasion of Ukraine.
‘Putin Thought World Would Roll Over’
Belarus leader Alexander Lukashenko is a close ally of Russian President Vladimir Putin
Four defence officials and two military enterprises are included in the package.
Foreign Secretary Liz Truss said Belarus leader Alexander Lukashenko had aided and abetted Russia's invasion.
Mr Lukashenko has hosted Russian forces and allowed them to use Belarus as a staging ground.
A close ally of Russian President Vladimir Putin, Mr Lukashenko's administration has become increasingly reliant on Russia for economic, political and military support in recent years.
Mr Putin backed Mr Lukashenko after he claimed a disputed election victory in 2020, sparking mass protests that almost ousted him from power.
In January this year, Belarus hosted large joint military drills with Russia as western leaders issued increasingly grave warnings of a possible attack on Ukraine.
The exercises were extended and then Belarus announced that the Russian troops would remain in the country, citing "the aggravation of the situation" in eastern Ukraine.
But on Monday, Mr Lukashenko said Belarus had no plans to join Russia's military operation in Ukraine, according to state news agency Belta.
Mr Lukashenko denied Ukraine's allegations that Russian troops were attacking from Belarus's territory, Belta's report said.
Announcing sanctions on Tuesday, the UK government accused Belarus of "facilitating the invasion from within its borders".
Those Sanctioned Include:
Belarus's deputy defence minister, Major General Victor Gulevich, who is "responsible for directing the actions of the Belarusian armed forces"
Major General Andrei Burdyko, a logistics chief; Major General Sergei Simonenko, an arms chief; and Major General Andrey Zhuk, Belarus's deputy minister of defence
Also sanctioned are JSC Integral, a military semi-conductor manufacturer, and JSC 558 Aircraft Repair Plant, which provides maintenance and servicing to military aircraft at an air base from which Russian aircraft have operated
Ms Truss said Belarus "will be made to feel the economic consequences for its support for Putin".
"We are inflicting economic pain on Putin and those closest to him. We will not rest until Ukraine's sovereignty and territorial integrity is restored."
The UK says it has already imposed sanctions on more than 100 people and organisations in response to the "fraudulent elections" and "human rights violations" in Belarus.
Suggesting further sanctions could be imposed on Belarus over the Ukraine invasion, the foreign secretary said "nothing - and no one - is off the table".
Belarusian and Russian forces took part in joint military exercises in Belarus ahead of the invasion of Ukraine
Tuesday's Belarus sanctions came as MPs approved new measures against Russia over its invasion of Ukraine.
The package includes a full asset freeze for all Russian banks, as well as new powers to limit them from clearing payments in sterling.
A ban has also been enacted on a range of exports critical to Russia's military and strategic interests.
The sanctions are in alignment with the European Union and others to collectively cut off much of Russia's high-tech imports, the government said.
The measures were announced by Prime Minister Boris Johnson, who told the House of Commons last week they were "the largest and most severe package of economic sanctions that Russia has ever seen".
Labour and Conservative MPs have called on the government to strengthen the sanctions regime in order to put further pressure on Russia.
Labour shadow foreign minister Stephen Doughty urged ministers to "go even faster and further", warning in some cases the sanctions had been "off the pace" compared with the UK's allies.
Conservative former cabinet minister David Davis said action was needed against the "140 or so oligarchs" identified as having "direct links" with President Putin.
MORE;
Canadas' New Sanctions Targeting Russia Could Hurt Canadas' Economy as Well, Freeland Says...
Finance Minister Chrystia Freeland says working with allies on sanctions has given them extra weight
Deputy Prime Minister and Minister of Finance Chrystia Freeland told reporters in Ottawa Tuesday that more sanctions and economic measures aimed at the Russian Federation and President Vladimir Putin would be rolled out in the coming days.
Canada will hit Russia with more sanctions and economic policies designed to undermine Russian President Vladimir Putin's ability to wage war — and some of those moves might end up hurting Canada's economy, Finance Minister Chrystia Freeland said Tuesday.
Freeland made those remarks Tuesday afternoon after meeting with the finance ministers of the other G7 nations and the Ukrainian finance minister to discuss measures to punish Russia for its invasion of Ukraine.
"Tariffs and retaliation and sanctions are the most effective when you can devise policies that have the maximum impact on the counter party whose attention you are seeking to get, and do the minimal damage to yourself," Freeland said, adding that, so far, sanctions have been structured to avoid harming Canadian business interests.
An explosion hits the TV tower in Kyiv, Ukraine on March 1, 2022. (Carlos Barria/Reuters)
"If we are truly determined to stand with Ukraine, if the stakes in this fight are as high as I believe them to be, we have to be honest with ourselves, I have to be honest with Canadians, that there could be some collateral damage in Canada and that's something that the G7 finance ministers discussed very early this morning."
Freeland would not offer details of the measures she and the other finance ministers discussed. She said the government will have more to say in the coming days.
"I cannot announce those additional measures today," she said. "We are discussing them, we are working with our partners and allies. We have suggested many things, as have our allies. We believe that the most effective thing to do is to work together to announce measures together and we will continue to do that."
Analysis
Russian people face 'catastrophe' as ruble crashes and sanctions bite
Conservative leadership contender Poilievre calls Europe's response to Putin's aggression 'weak'
Kenney calls for crackdown on Russian oligarchs, those with links to Alberta remain unsanctioned
Natural Resources Minister Jonathan Wilkinson announced Tuesday evening that Canada will now ban all petroleum products from Russia. The government said a day earlier that it would only ban Russian crude oil.
Wilkinson said on Twitter that government officials were told "to design a ban that will minimize the impact to the Canadian economy, while maximizing the impact on the Russian economy."
Canada imported more than $250 million worth of refined petroleum products from Russia in 2021.
During question period in the House of Commons Tuesday, interim Conservative leader Candice Bergen asked the Liberal government if it will expel Russia's ambassador to Canada and recall Canada's ambassador to Russia.
Prime Minister Justin Trudeau sidestepped the question, saying only that Foreign Affairs Minister Mélanie Joly did summon Russia's ambassador to her office to express Canada's extreme displeasure with Russia's actions.
ExxonMobil and Boeing Take Action Over Russia Ties
Ukraine conflict: ExxonMobil and Boeing take action over Russia ties
Energy giant ExxonMobil and aviation group Boeing have joined the growing list of companies to take action over Russia's invasion of Ukraine.
ExxonMobil said it will exit a multi-billion dollar joint venture with Russian state-owned company Rosneft.
It is the latest oil producer to cut business ties with the country, after similar moves by BP, Shell and Equinor.
Meanwhile, the world's biggest plane maker Boeing said it is suspending operations in Russia.
"We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people," Texas-based ExxonMobil said in a statement.
"We are deeply saddened by the loss of innocent lives and support the strong international response," it added.
ExxonMobil currently operates and holds a stake in the Sakhalin Island oil and gas fields, alongside Rosneft and companies from Japan and India.
It said it would now exit its Russian oil and gas operations, which have been valued at more than $4bn (£3bn), and halt new investments in the country.
Last year, ExxonMobil employed more than 1,000 people across the country, with offices in Moscow, St. Petersburg, Yekaterinburg and Yuzhno-Sakhalinst, according to its website.
Russia is one of the world's biggest energy producers.
The announcement came as Brent crude - the international benchmark for oil prices - hit $110 a barrel, marking the highest level seen in more than seven years.
On Monday, rival energy giant BP said it would offload its 19.75% stake in Rosneft after Russia's "act of aggression in Ukraine".
On the same day, Shell announced that it would end all of its joint ventures with the Russian energy company Gazprom. This includes quitting the flagship Sakhalin II facility, which is partly owned and operated by Gazprom.
Norwegian oil producer Equinor also said it would start the process of divesting from its joint ventures in Russia.,,
Also on Wednesday, aviation giant Boeing said it had suspended "major operations" in Moscow and temporarily closed its office in Kyiv.
"We are also suspending parts, maintenance and technical support services for Russian airlines," a Boeing spokesperson told the BBC.
Rival plane maker Airbus did not immediately respond to a BBC request for comment.
The announcements comes as brands around the world distance themselves from Russia as its invasion of Ukraine continues.
On Tuesday, Apple also joined the list of major firms to halt product sales in Russia, in the widening corporate backlash over the conflict.
American Express also said on Wednesday that it had halted its relationships with banks in Russia, in line with sanctions.
The payment card company described its business in Russia as "small", with one partner that issues cards and a handful focused on recruiting merchants.
"We will continue to comply with all relevant laws as the situation evolves," it said in a statement.
Russians Feel The Pain of International Sanctions...
The rouble has plummeted against the dollar and other currencies in recent days
"If I could leave Russia right now, I would. But I can't quit my job," .
BBC 2 MAR 2022
We can't afford to get a mortgage in Moscow now interest rates have been hiked.
Millions of Russians like him are starting to feel the effect of Western economic sanctions designed to punish the country for invading neighbouring Ukraine.
"I am planning to find new customers abroad asap and move out of Russia with the money I was saving for the first instalment," says the 31-year-old industrial designer.
"I am scared here - people have been arrested for speaking against 'the party line'. I feel ashamed and I didn't even vote for those in power."
Like other interviewees for this article we are not using his full name or showing his face for security reasons. Some names have been changed.
Ukrainian service members are seen, after Russia launched a massive military operation against Ukraine
Western sanctions are in support of Ukraine which Russia's army invaded last week
The sanctions now hitting Russia are being described as economic war - they aim to isolate the country and create a deep recession there. Western leaders hope the unprecedented measures will bring about a change in thinking in the Kremlin.
Ordinary Russians face seeing their savings wiped out. Their lives are already being disrupted.
The sanctions against some Russian banks include cutting them off from Visa and Mastercard, and consequently Apple Pay and Google Pay.
Daria, 35, a project manager in Moscow, said this meant he'd been unable to use the metro.
"I always pay with my phone but it simply didn't work. There were some other people with the same problem. It turned out that the barriers are operated by VTB bank which is under sanctions and cannot accept Google Pay and Apple Pay.
"I had to buy a metro card instead," he told the BBC. "I also couldn't pay in a shop today - for the same reason."
A Russian woman enters a metro station in Moscow
Paying for trips on the metro and purchases in shops is now more difficult for Russians
On Monday Russia more than doubled its interest rate to 20% in response to the sanctions after the rouble plunged to record new lows. The stock market remains closed amid fears of a massive share sell-off.
The Kremlin says it has enough resources to weather the sanctions, but this is debatable.
Over the weekend the central bank appealed for calm amid fears of a run on the banks, which happens when too many people try to withdraw money.
"There are no dollars, no roubles - nothing! Well, there are roubles but I am not interested in them," said Anton (name changed), who is in his late 20s and was queuing at an ATM in Moscow.
"I don't know what to do next. I am afraid we are turning into North Korea or Iran right now."
Buying foreign currency costs Russians about 50% more than it did a week ago - if they can get hold of it at all.
At the start of 2022 one dollar traded for about 75 roubles and a euro for 80. But the war has helped set new records - at one point on Monday a dollar cost 113 roubles and a euro, 127.
Rouble v Dollar
For Russians, the rouble-dollar rate has long been a sensitive issue.
In the 1990s following the collapse of the Soviet Union, the dollar was the only hard currency Russians kept their savings in - the safest bet was under the mattress.
When President Boris Yeltsin's government defaulted on its debt in 1998 those who'd been sleeping on their money felt vindicated.
However, over the following decade various central bank measures helped reassure Russians about the rouble. Deposits placed in Russian currency began to grow and so did the amount of money Russians invest in the stocks of Russian companies.
Nevertheless, any time there's uncertainty Russians always run to the nearest ATM to withdraw dollars.
This time has been no different.
As soon as war was unleashed on Ukraine last week, Russians flocked to cashpoints, remembering lessons learnt in previous crises.
Ilya (name changed), who is in his early 30s, has just finished paying off his mortgage in Moscow. He says he is unable to relocate "any time soon".
"When the operation in Donbas started I went to the ATM and withdrew the savings I had in Sberbank in dollars. Now I literally keep them under my pillow.
"The rest of my savings are still in the banks: half in dollars and the rest in roubles. If things get worse, I'll withdraw the lot. I am scared because I expect a wave of burglaries. But it is what it is."
Images on social media have shown long queues forming at ATMs and money exchanges around the country in recent days, with people worried their bank cards may stop working or that limits will be placed on the amount of cash they can withdraw.
Dollars and euros began running out within a couple of hours of the invasion. Since then, very limited amounts of those currencies have been available and there is a cap on how many roubles you can withdraw.
People stand in line to use an ATM money machine in St Petersburg, Russia February 27, 2022
Standing at one queue in Moscow, Evgeny (name changed), 45, said he wanted to withdraw money to pay off his mortgage.
"Everyone I know is anxious. Everyone is stressed. I have no doubt life will get worse. War is horrible.
"I think all the countries employ double standards and now 'big countries' are measuring each other's strengths, deciding which one is cooler. And everyone is suffering."
Marat, 35, said: "Today is the first day I decided to withdraw money, and did not experience any troubles. I withdrew roubles just in case.
"I am not great at forecasting but I suspect our life will get worse. Time will tell."
An employee holds 5000 ruble banknotes inside a foreign currency exchange bureau in Russia.
Roubles are easier to get hold of than dollars but are worth less than before
The cash problem is not limited to Moscow: people have been rushing around Perm, Kostroma, Belgorod and other provincial cities to get dollars or euros, BBC Russian reports.
An anonymous IT-specialist even created a Telegram bot that automatically requests if there are euros or dollars in the ATMS of Tinkoff, a popular private bank, and if so, shares the location with subscribers.
Many have been trying to pre-order cash via their banking apps, a feature of Russia's advanced banking system.
On Sunday evening, when sanctions against Russian central bank reserves were announced, you could still use an app to order a dollar for up to 140 roubles, and a euro for up to 150.
But by Monday customers of Russia's biggest state-backed bank, Sberbank, told BBC Russian they could not order cash via the app at all - they had to go to its office and sign a form to do so.
People stand in line outside the Russian credit institution Sberbank in Moscow, Russia, 28 February 2022.
At Sberbank dollars must be ordered by signing a form in person
The banks deny there's a liquidity shortage - and analysts agree it is more likely the shortage of cash in ATMs reflects an attempt to prevent a run on the banks.
The Kremlin has said Russia expected these latest sanctions and is ready for them, although it has not said whether businesses will be given extra help, as they were during the pandemic.
But ordinary Russians, many of whom get their information from state-controlled television which repeats many of the Kremlin's lines, are expected to start noticing differences to their lives soon.
Already residents in Moscow are reporting some queues in food stores as people buy goods they think will be in short supply due to price rises or trade restrictions.
Russian companies could end up cutting hours or stopping production as sanctions bite. As well as their savings falling in value, many Russians are predicted to lose their jobs as the economy reels from being cut off from financial markets in the West.
For Russians this all brings back memories of what happened when President Putin annexed Crimea in 2014 and people queued for hours to get cash.
Currency offices had to hastily buy new five-digit exchange rate boards when the old ones ran out of space.
Back then a dollar normally cost 30-35 roubles - an unthinkable amount these days.
The families fleeing a war, but having to leave loved ones behind
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