US Proposes G7 Plan To Confiscate $300 Billion in Russian Assets

A Russian state flag flies over the Central Bank headquarters in Moscow, Russia, August 15, 2023. A sign reads: "Bank of Russia". REUTERS/Shamil Zhumatov/File Photo  

Financial Times: Washington puts forward G7 plan to confiscate $300bn in Russian assets  

Proposal would accelerate preparations in time for a February summit to show solidarity with Ukraine  

The US has proposed that working groups from the G7 explore ways to seize $300bn in frozen Russian assets, as the allies rush to agree a plan in time for the second anniversary of Moscow’s full-scale invasion of Ukraine. 

While no decisions have been taken and the issue remains hotly debated inside European capitals, the acceleration of work on confiscating Moscow’s assets for Ukraine highlights its rising importance for the west. 

The topic was discussed this month by both G7 finance ministers and their deputies, according to people briefed on the calls, which touched on how to develop such a policy and assess the risks involved.  

Read more ....  

Update #1: US Proposes G7 Explore Ways to Confiscate $300 Billion in Russian Assets -FT (Reuters)  

Update #2: US wants $300 billion of Russian assets for Ukraine – NYT (RT)  

WNU Editor: This is where Russia's assets are frozen .... Factbox-What and Where Are Russia's $300 Billion in Reserves Frozen in the West? (Reuters). 

The Kremlin has warned that they will break diplomatic relations with any country if they move to confiscate these assets.  

Update #3: Not surprised that these countries are having cold feet .... Germany, France, Italy, EU Cast Doubt on US Idea to Confiscate Russian Assets - Reports (Sputnik).  

Update #4: More here .... Can the West fund the Ukraine war using Moscow’s money? (Semafor).

Is Turkey Violating Russian Sanctions?

Haydarpasa Port, Turkey. V&A Dudush (CC BY 3.0) 

 Euronews: Turkey faces scrutiny as exports to Russia surge, fuelling concerns of sanctions evasion  

Turkey's significant increase in exports of critical goods to Russia sparks fears of sanctions evasion, leading to urgent diplomatic discussions and potential ramifications for Turkey's relations with NATO. 

Turkish exports of essential goods to Russia, crucial for Moscow's military production, have experienced a significant spike in 2023. 

This surge has intensified worries about potential sanctions circumvention, with the United States and the European Union actively seeking to curb Russia's access to dual-use goods through third-party nations.  

Read more ....  

Update #1: Turkey's exports of military-linked goods to Russia soar (Financial Times) 

Update #2: Soaring Turkish Exports of Military-Linked Goods to Russia Raise Western Concerns – FT (Moscow Times)  

WNU Editor: Much to the displeasure of some, Europe is still buying Russian natural gas via through Turkey .... Europe Is Getting Record Amounts of Russian Gas Through TurkStream. So Who Keeps Trying to Blow It Up? (Naked Capitalism).

Russia's Central Bank Expects Sanctions Will Not Be Lifted Until At Least 2027

Russian Central Bank  

RT: Russian central bank estimates how long sanctions will last 

Western restrictions targeting the country’s economy are not expected to be lifted until at least 2027, according to a forecast Western restrictions against the Russian economy won’t be lifted within the next several years, the Bank of Russia said in its monetary policy report, released on Tuesday. 

The US and its allies targeted Russia with unprecedented economic sanctions in response to Moscow’s military operation in Ukraine. Due to these restrictions, Russia has effectively been deprived of the ability to conduct international transactions in dollars and euros, and has lost access to the Western banking system. 

Read more ....  

WNU Editor: I think the Russian Central Bank's forecast of sanctions ending by 2027 is too optimistic. I can easily see these sanctions being in placed for a decade or two after the war in Ukraine is over. In the meantime the EU is planning for even more sanctions .... EU countries to debate of 12th package of Russia sanctions next week - officials (Reuters).

Russian President Putin Tells Turkish President Erdogan That Grain Deal Can Only Be Restored If West Lifts Restrictions On Russian Agricultural Exports

 

RT: Putin comments on grain deal after meeting with Erdogan  

Moscow will return to the Black Sea initiative only after the West lifts restrictions on Russian agricultural exports, the president has said  

The West essentially forced Moscow to terminate its participation in the Black Sea grain initiative by failing to lift sanctions on Russian agricultural exports, President Vladimir Putin has said. 

The Russian leader was commenting after a meeting with his Turkish counterpart, Recep Tayyip Erdogan, in Sochi on Monday. 

 Read more ....  

WNU Editor: The West has shown no interest to lift these export restrictions. 

 Russian President Putin Tells Turkish President Erdogan That Grain Deal Can Only Be Restored If West Lifts Restrictions On Russian Agricultural Exports  

Live: No new grain deal until West meets Russia’s demands, says Putin -- France 24

Russia’s Putin says there will be no new grain deal until the West meets his demands -- AP  

Putin denies new grain deal after meeting with Erdoğan -- The Hill  

Putin and Erdogan meet to discuss grain deal amid ‘shifting power balance’ -- CNN

EU Officials Say Russian Sanctions Are Working

Insider: EU officials say sanctions against Russia have had 'hard tangible effects,' and that the country's future is bleak 

* Sanctions on Russia have had a withering effect on Moscow's economy, the European Union said. 

* That's one of the main reasons why Russia's economic future looks "bleak," according to one official. 

* Despite Putin's show of defiance, scholars say Russia is in a far worse state than the Kremlin has let on. 

Russia's economic future is looking grim amid signs that sanctions against the nation have had a lasting impact on its ability to function, according one European Union official. 

The European Union imposed 11 rounds of sanctions against Russia starting shortly after it invaded Ukraine in February 2022. Measures included kicking Russia out of the SWIFT global financial communication system, greatly limiting energy imports from Russia, and establishing a $60-per-barrel price cap on Russian oil. 

"Some people claim these sanctions have not worked. This is simply not true. Within a year, they already limited Moscow's options considerably causing financial strain, cutting the country from key markets and significantly degrading Russia's industrial and technological capacity," EU official and European Commission vice president Josep Borrell said in a recent statement. "To stop the war, we need to stay the course."  

Read more .... 

Update: Russia earns less from oil and spends more on war. So far, sanctions are working like a slow poison (AP) 

WNU Editor: Other EU leaders have a different point of view .... Germany's Baerbock decries weak impact of Russia sanctions (DW). 

As to what is my point of view. 

All my family members, friends, and contacts in Russia are telling me the same thing. Sanctions have worked in making Western goods and products more expensive, but the shelves are not empty and all the basic needs are being met. And I expect no changes for the foreseeable future.

Russia is now a war time economy. The economy has been shifted to fight a war, not to boost a civilian economy. The standard metrics that the EU is using to measure the impact of sanctions on Russia do not apply.

The EU report is here .... Yes, the sanctions against Russia are working (EEAS).

Germany's Foreign Minister Admits Russian Sanctions Are Not Working

The interview is part of Lamby's book, which delves into the German government's response to the war. Image: Efrem Lukatsky/AP/picture alliance 

 DW: Germany's Baerbock decries weak impact of Russia sanctions  

The disappointment expressed by Germany's foreign minister comes as the Russian economy continues to grow despite the economic sanctions imposed by West. 

German Foreign Minister Annalena Baerbock said that Western sanctions against Russia over the war in Ukraine were not having an "economic impact," in a book interview published Thursday.

"Economic sanctions should have an economic impact. But that is not the case. Because the logic of democracies does not work in autocracies." Baerbock told journalist Stephan Lamby in an interview for his new book.  

Read more ....  

Update #1: The sanctions against Russia aren't working, says the foreign minister of Germany (Business Insider)  

Update #2: Germany upset over weak Russia sanctions impact (AFP)  

WNU Editor: The German foreign minister avoids admitting that Russian sanctions have seriously damaged Germany's economy.

Russia Now Selling Oil Above The Western Price Cap

Zero Hedge: In "Victory" For Moscow, Russia Defies Sanctions By Selling Oil Above Western Price Cap 

Two weeks ago we reported that with a barrel of Urals about to rise above $60, the "Russian oil price at key port was about to breach sanctions cap", which - if the sanctions were strenuously enforced - meant that there would be a sharp drop in supply. 

Fast forward to today when, as the WSJ reported, the price of Russia's most coveted crude finally traded above the western price cap imposed to starve Moscow of funds for the war in Ukraine (but not really, because starving the world of Russian oil has long been viewed as a far more dangerous outcome), resulting in a very distinct "victory" for Moscow in the "fight for influence over global oil markets." 

It is the first time that the price for its flagship Urals grade of oil has breached the $60-a-barrel limit since the U.S. and its allies introduced the novel sanctions policy last December, according to commodities-data firm Argus Media, and - as the WSJ clarifies - it is a sign that the Kremlin has succeeded, at least in part, in adjusting to the restrictions. 

Read more ....  

WNU Editor: There is an expectation that both China and India will be consuming an extra 2-3 million barrels of oil by the end of this year. That alone is going to raise the price of oil significantly, and it will provide more opportunities for Russia to sell its oil at a price significantly above the price cap of $60/barrel. 

And while Russian oil exports by sea continue to decrease .... Russian Crude Oil Exports Continue To Plunge (OilPrice.com), oil shipments by pipeline to customers like China are booming .... China hugely boosts crude stockpiling on cheap Russian oil: Russell (Reuters). 

 Update: The EU wants to keep on doubling down on stupid .... The EU Has No Plans To Revise Its Russian Oil Price Cap (OilPrice.com).

U.S. Imposes New Russian Sanctions

 

RFE: U.S. Announces New Sanctions Aimed At Curbing Russia's Ability To Buy Weapons Technology 

The United States has imposed new sanctions targeting 18 individuals and more than 120 entities based in Russia and Kyrgyzstan in a move aimed at inhibiting Moscow’s access to products and technology that support its war efforts. 

The entities include several based in Kyrgyzstan that the U.S. Treasury Department on July 20 said have operated as intermediaries to provide foreign-made electronics and technologies to Russia. 

At least six of these companies were featured in a recent investigation by RFE/RL’s Kyrgyz Service into Kyrgyz and Kazakh companies that revealed how sanctioned Western electronics make their way to Russia via Central Asian firms.  

Read more ....  

WNU Editor: Canada is following the U.S. to impose more sanctions .... Canada's new round of sanctions hits Russian celebrities, Wagner Group members (CBC/Canadian Press).  

Update: Australia is imposing more sanctions .... Australia imposes new sanctions on Russia (Ukrinform). 

U.S. Imposes New Russian Sanctions  

US imposes new sanctions aimed at choking off Russia's access to battlefield supplies and revenue -- AP  

New US sanctions target Russian access to battlefield supplies -Treasury -- Reuters  

U.S. Sanctions More Than 120 Russian, Kyrgyz Firms -- Moscow Times/AFP  

New US sanctions target Russian mining corporations, suppliers helping Russia evade restrictions -- Kyiv Independent  

US sanctions liberal ex-Russian finance minister -- RT

Kremlin Announces The Ukraine Grain Export Deal Has 'Ended'

 

BBC: Russia officially pulls out of Ukraine grain deal 

Russia has notified the UN, Turkey and Ukraine that it will not renew a crucial grain deal that allowed Ukraine to export grain through the Black Sea. 

Kremlin spokesperson Dmitry Peskov said the agreements had reached a "de facto" end on Monday. 

The deal let cargo ships pass through the Black Sea from the ports of Odesa, Chornomorsk and Yuzhny/Pivdennyi. But, Moscow said it would return to the agreement if its conditions were met. 

Russian President Vladimir Putin had long complained that parts of the deal allowing the export of Russian food and fertilisers had not been honoured. 

In particular, he said grain had not been supplied to poorer countries, which was a condition of the agreement. 

Read more ....  

WNU Editor: No ship owner is going to take this risk .... Zelensky says Ukraine is willing to extend Black Sea grain deal without Russia (Meduza). More here .... No more security guarantees for Black Sea navigation – Russian FM (RT). 

Update #1: Turkish President Erdogan knows what the Kremlin wants .... Erdogan to talk grain deal resumption with Putin (RT).  

Update #2: These prices will stabilize like they always do .... Wheat prices surge after Russia’s grain deal announcement (RT). More here .... Wheat prices surge after Russia axes grain deal. And it’s not good news for the world’s food supply (CNBC). 

Kremlin Announces The Ukraine Grain Export Deal Has 'Ended'  

Russia has halted a wartime deal allowing Ukraine to ship grain. It’s a blow to global food security -- AP  

Moscow halts grain deal after bridge to Crimea struck -- Reuters  

Russia says Ukraine grain export deal 'ended' -- AFP  

Russia axes landmark Ukraine grain deal just hours before deadline -- CNBC  

Kremlin announced grain deal termination -- TASS  

Ukraine Grain Deal ‘De Facto’ Over – Kremlin -- Moscow Times 

Black Sea grain deal ‘is terminated’ – Kremlin -- RT  

Russia Suspends Participation in Grain Deal -- Sputnik 

Russia withdraws from Black Sea Grain Initiative with Ukraine, wants changes to MOU with UN -- ABC News Australia  

Ukraine: Kremlin says grain deal halted after Crimea attack -- DW  

Kremlin announces ‘de facto termination’ of grain deal -- Meduza 

Ukraine war: Last grain ship leaves Odesa as deal deadline looms -- BBC  

Russia-Ukraine Black Sea grain deal: All you need to know -- Al Jazeera  

What is the Black Sea Grain Deal? Everything You Need to Know -- Sputnik  

Russia's pulls out of Ukraine grain deal: What's next? -- DW

Kremlin Threatens To Quit Grain Export Deal After Turkey Violated Its Agreement With Russia On The Fate Of Five Imprisoned Azov Battalion Members

Ukrainian President Volodymyr Zelenskyy, centre, and other officials pose for a picture with commanders of defenders of the Azovstal Iron and Steel Works in Mariupol inside a plane as they return to Ukraine from Istanbul, Turkey July 8, 2023 [Ukrainian Presidential Press Service/Handout via Reuters]  

Business Insider: Russia said it was blindsided by Turkey after Zelenskyy left the country with formerly imprisoned Azov battalion members 

* Five Ukrainian soldiers returned from Turkey, President Volodymyr Zelenskyy announced. 

* Russia said Turkey violated an agreement for the soldiers to stay until the war's end. 

* The comments came after Turkey's Erdogan announced he would host Vladimir Putin.

Ukrainian President Volodymyr Zelenskyy collected five previously imprisoned Azov battalion commanders in a recent trip to Turkey, prompting confusion from Russia, which accused Ankara of walking back an agreement to keep them until the war's end. 

In a Saturday video posted by Zelenskyy, commanding members of the battalion — a white nationalist paramilitary force within the Ukrainian National Guard — can be seen hugging the Ukrainian president before they board a plane. 

The commanders had been captured in the port city of Mariupol. "We are returning home from Turkey and bringing our heroes home," a post on Zelenskyy's Twitter read.  

Read more ....  

Update: Moscow denounces return of Mariupol commanders sent to Turkey in prisoner swap (Reuters)  

WNU Editor: Because Turkey violated its agreement with Russia on holding these Ukrainian prisoners until the end of the war, the Kremlin is now in a position to break its arrangement with Turkey concerning the exportation of Ukrainian wheat. 

I know the Kremlin has been looking for a way out of this Ukraine grain deal when they realized that Western sanctions that had put limits on Russia's grain exports was not going to be lifted. This story is not covered at all in the West, but in Russia many see this as a humiliation and that the Kremlin was stupid/naive to think that the West would permit Russia to export its grain to its overseas customers.

A prediction. 

Putin is suppose to visit Erdogan next month where the Ukraine grain deal will be discussed .... Turkey's Erdogan to host Putin, hopes for Black Sea grain deal extension (Reuters). I expect Putin will be putting a lot of pressure on Erdogan that if he wants this deal, he must put pressure on his Western allies to permit Russia the same terms and conditions that Ukraine now has. 

Update #2: The Kremlin is not wasting time. They are already threatening to quit the grain export deal when it comes up for renewal on July 17, saying demands to facilitate sales of its own grain and fertiliser have not been met .... Russian, Turkish ministers talk after Turkey sends Ukrainian commanders home (Reuters).

EU Considering Lifting SanctionsOn On Russian Bank That Will Permit Grain Purchases On SWIFT

The EU is considering a proposal to reconnect a sanctioned Russian bank to the SWIFT global financial network in a bid to rescue the Black Sea grain deal, the western media reported on Monday 

Reuters: EU weighs concession to Russian bank over Black Sea grain deal -FT 

(Reuters) -The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday. 

With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said. 

Russia last week said that it saw no reason to extend the grain deal beyond July 17 because the West had acted in an "outrageous" way over the agreement, though it assured poor countries that Russian grain exports would continue.  

Read more .... 

Update #1: EU considering compromise with Russia on SWIFT – FT (RT)  

Update #2: EU considering compromise with Russia on SWIFT: report (MEHR News Agency)  

WNU Editor: Kyiv is not happy .... EU slammed by Ukraine for 'offering blackmailer' Russian banks sanctions loophole (Express).

U.S. Senators Propose Bill To Seize And Transfer Russian Assets To Ukraine

The Russian Central Bank. (Фотобанк Moscow-Live, https://flic.kr/p/SHytqQ; CC BY-NC-SA 2.0, https://creativecommons.org/licenses/by-nc-sa/2.0/) 

Kyiv Independent: FT: US senators to propose bill to seize and transfer Russian assets to Ukraine 

U.S. senators with bipartisan backing are reportedly planning to propose a bill that would allow President Joe Biden to seize and transfer Russian sovereign assets to Ukraine, the Financial Times (FT) reported on June 15. 

Western countries have frozen around $300 billion of Russia's Central Bank assets since the start of the full-scale invasion of Ukraine. 

The bill's proponents argue that since Russia bears the blame for the destruction and war crimes in Ukraine, it should also bear the financial costs of reparations. 

They also likely aim to alleviate the burden of Ukraine's support from U.S. taxpayers and allies.  

Read more ....  

Update #1: US senators launch bill to seize and transfer Russian assets to Ukraine (Financial Times)  

Update #2: US Lawmakers Introduce Bill to Give Russian Central Bank Assets to Ukraine (Antiwar.com)  

WNU Editor: Details on the U.S. bill is here .... McCaul, Risch, Kaptur, Whitehouse Reintroduce Legislation to Repurpose Sovereign Russian Assets for Ukraine (Foreign Affairs Committee).

Why Sanctions On Russia Are Not Working

Al Jazeera: Sanctions on Russia may not be working, we now know why 

European businesses and third countries are actively circumventing sanctions, providing Russia with sanctioned goods and thus helping its war effort. 

On February 25, 2022, a day after Russia undertook a full-scale invasion of Ukraine, the European Union introduced unprecedented sanctions against the aggressor. The measures were intended to send a clear signal to Moscow that there would be severe consequences for its actions. 

The sanctions targeted Russian President Vladimir Putin’s inner circle, as well as Russian companies and several sectors of the Russian economy. In the following months, the sanctions regime against Russia was expanded with eight more instalments, hitting its most valuable exports to Europe – oil and gas – and curbing its access to products that could be used in its war on Ukraine. 

Read more ....  

WNU Editor: Russia is the world' resource superpower. You cannot shut that spigot without incurring severe economic pain. But Western leaders still proceeded..

They made the decision to not buy Russian products nor export its products to Russia. And they are paying dearly for it. The rest of the world has a different point of view on what is happening in Ukraine, and they made the decision to not heed Western demand for Russian sanctions. Not surprising. Their economies are booming.

On a personal note. 

My aunt arrived today to be with my ailing mom. She is my mother's youngest sister, and she lives in Moscow. It took her 18 hours and 4 interconnecting flights to get to Montreal. In the past it would take 8 hours, and maybe one interconnecting flight.

I asked her on how sanctions are impacting her and her friends. Her response was .... there is no impact. The stores are full, and almost all of the Western goods and brands that she is familiar with are available. She also told me that everyone she knows is flushed with money. 

I am not surprised to hear that last comment from my aunt. 

Before the war hundreds of billions of dollars was flowing out of the country each year. No more now. Sanctions has killed that practice. That money is now staying in Russia, and it is having a  huge impact on everyone's lives. My aunt included.

Estonian PM Kallas Pleads With Local Companies To Stop Ghost Trade With Russia

Estonian Prime Minister Kaja Kallas

ERR News: FT: Kallas pleads with local companies to stop trade with Russia 

Prime Minister Kaja Kallas (Reform) told UK newspaper the Financial Times that she had to "plead" with companies to find a "moral compass" and decline deals that may result in Moscow accessing sanctioned goods. 

The paper's recent investigation into Russian sanctions evasion identified $1 billion of goods having disproportionately passed through the Baltic states, believed to be part of Moscow's "ghost trade". Local companies have also been involved.

"Kallas accused local companies of hypocrisy, telling them: "You are very vocal about . . . Ukraine and Russia and security . . . but in a hidden way . . . you are agreeing [with Moscow]"." the paper wrote. 

Estonia, Latvia and Lithuania have seen a rise in exports to Kazakhstan, Kyrgyzstan and Armenia transiting through Russia.  

Read more ....  

WNU Editor: We are talking about a billion dollars .... EU Goods Worth $1 Billion In Transit Through Russia Fail To Reach Armenia, Kazakhstan, Kyrgyzstan (RFE). 

Update: Here are 5 ways Russia is sidestepping sanctions .... 5 ways Russia's been sidestepping Western sanctions and keeping its economy alive, from switching to the Chinese yuan and dabbling in ghost trades (Insider).

Russian Oil Exports Hit Post-Invasion High

Fuga Bluemarine crude oil tanker lies at anchor near the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, Dec. 4, 2022. (Reuters Photo)  

Moscow Times/AFP: Russian Oil Exports Hit Post-Invasion High – IEA 

Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by $1.7 billion despite Western sanctions, the International Energy Agency said Tuesday. 

The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd last month, estimating that the country did not fully deliver on a threat to cut production sharply.

"Indeed, Russia may be boosting volumes to make up for lost revenue," the IEA said in its monthly oil market report. The country's oil export revenues rose by $1.7 billion to $15 billion in April. 

Read more ....  

WNU Editor: So much for sanctions. 

Russian Oil Exports Hit Post-Invasion High  

Russia is exporting the most oil since invading Ukraine as Moscow has little trouble finding willing buyers, IEA says -- Insider  

Russian oil exports hit post-invasion high: IEA -- Daily Sabah

Russia’s Crude Oil Exports By Sea Continue To Climb -- OilPrice.com

Russian Oil Is Still Finding Its Way To Europe

Bloomberg: Russian Oil Is Still Powering Europe’s Cars With Help of India 

Russian oil is still powering Europe — just with the help of India. Back in December, the European Union barred almost any seaborne crude oil imports from Russia. It extended the prohibition to refined fuels two months later. 

However, the rules didn’t prevent countries like India from snapping up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a markup. 

The Asian country is on track to become Europe’s largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data compiled by Bloomberg from analytics firm Kpler. 

“Russian oil is finding its way back into Europe despite all the sanctioning and India ramping up fuel exports to the west is a good example of it,” said Viktor Katona, lead crude analyst at the firm. “With India taking in so much Russian barrels, it’s inevitable.”  

Read more ....  

Update: Europe Is Buying Record Amounts Of Refined Russian Fuels Through India, And Paying A Huge Markup (Zero Hedge)  

WNU Editor: Why am I not surprised.

Japan And EU Officials Say Total Ban On G7 Exports To Russia "Simply Not Doable"

Zero Hedge: Total Ban On G7 Exports To Russia "Simply Not Doable" - Japan, EU Officials Say 

As expected, an initiative by some leading Western allies in the Group of Seven (G-7) to ratchet the economic war on Moscow further - to the point of enacting an outright ban on all exports to Russia - has failed before it so much as got off the ground. 

The move came as the US-led economic war has clearly failed to stop Moscow’s war machine in Ukraine, and as the US, Britain, Canada, France, Germany, Italy, Japan and the European Union are looking ahead to their major summit set for May in Hiroshima. 

Read more ....  

WNU Editor: Not surprised that EU and Japanese officials are now walking back their vow to impose a complete export ban on Russia. It would severely damage their own economies.

On a side note. I agree with Seymour Hersh that this trading relationship is bizarre .... ‘Crazy’ that Russia and Ukraine still trade – Seymour Hersh (RT).

U.S. Threatens India With Sanctions Over Russian Arms Sales To India

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi attend a meeting on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Samarkand, Uzbekistan September 16, 2022. (File photo: Reuters)  

Bloomberg: Russian arms sales to India stall due to fears over US sanctions 

NEW DELHI: Russian deliveries of military supplies to India have ground to a halt as the countries struggle to find a payment mechanism that doesn’t violate US sanctions, according to Indian officials with knowledge of the matter. 

Indian payments for weapons amounting to more than $2 billion have been stuck for about a year, and Russia has stopped supplying credit for a pipeline of about $10 billion worth of spare parts as well as two S-400 missile-defense system batteries that have yet to be delivered, according to the officials, who asked not to be identified due to the sensitivity of the issue.  

Read more ....  

WNU Editor: A prediction. The U.S. will soon be telling India to stop doing this .... Russian Oil Is Welcome in India as Trade Booms, New Refiner Says (Bloomberg).

Russia's Billionaires Are Getting Richer

The superyacht Nord, reportedly owned by the sanctioned Russian oligarch Alexei Mordashov, is docked in the far eastern port of Vladivostok, Russia March 31, 2022. (photo credit: REUTERS/REUTERS PHOTOGRAPHER)  

Reuters: Russian billionaires see wealth rise to over half a trillion dollars, Forbes Russia reports 

MOSCOW (Reuters) - Russia's richest people added $152 billion to their wealth over the past year, buoyed by high prices for natural resources and rebounding from the huge loss of fortunes they experienced just after the Ukraine war began, Forbes Russia said. 

Russia has 110 official billionaires in the list, up 22 from last year, according to Forbes' Russian edition, which said their total wealth increased to $505 billion from $353 billion when the 2022 list was announced. 

The list would have been longer had not five billionaires - DST Global founder Yuri Milner, Revolut founder Nikolay Storonsky, Freedom Finance founder Timur Turlov, and JetBrains co-founders Sergei Dmitriev and Valentin Kipyatkov - renounced their Russian citizenship, Forbes said.  

Read more ....  

Update #1: Russian billionaires see wealth rise to three-quarters of a trillion dollars in past year (ABC News Australia)  

Update #2: Russia minted 22 new billionaires last year, even as the West slapped sanctions on the country to try to cripple it financially (Business Insider)  

WNU Editor: It is not only the Russian billionaires who have recovered from the imposition of Western sanctions. Through family, friends, and the business contacts that I know in Russia, I have been told bluntly that all businesses (small, medium, and large) have mostly transitioned away from the West and are now focused on the domestic market, and to do business with the growing Asian and Middle Eastern economies.

G7 Nations Considering Near-Total Ban On Exports To Russia

Japan Times/Kyodo: G7 considers almost complete ban on exports to Russia 

The Group of Seven countries are considering banning almost all exports to Russia, in an extension of the sanctions regime against Moscow for its ongoing invasion of Ukraine, a Japanese government source said Friday. 

Japan is set to host the G7 summit in May in Hiroshima, where discussions will take place on measures to expand support to Ukraine and strengthen sanctions on Russia among other key topics. 

The G7 countries have already stopped exports to Russia of a wide range of items, including products that can be used for military purposes and luxury goods. But the latest plan could expand the trade embargo to used cars, tires, cosmetic items and clothing, the source said.  

Read more ....  

Update #1: G-7 nations considering near-total ban on exports to Russia - Kyodo (Reuters) 

Update #2: G7 Allies Consider Outright Ban Of All Exports To Russia (Zero Hedge)  

WNU Editor: I see this "consideration" as an acknowledgement by the West that sanctions have failed. But instead of maybe searching for an alternative policy, the G-7 is now doubling down on stupid with the hope that this will cripple the world's resource superpower.