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The former head of the US Treasury said that China needs to take a side on the issue of Ukraine.

China has decided to impose sanctions against Russia together with the United States and Europe.

This information was announced in Washington.

The US stressed that sanctions would be limited, but the White House suggested that Beijing would be ready for tougher measures in the near future.

According to MSNBC, citing White House press Secretary Jen Psaki, China has joined some sanctions, but the United States demands more action from this country.

At the same time, Chinese Foreign Ministry spokesman Wang Wenbin said that China does not approve of sanctions against Russia.

“China does not support the use of sanctions to solve problems, and moreover opposes unilateral sanctions that have no basis in international law,” he said, answering a question about Beijing’s position on disconnecting Russia from SWIFT.

He demanded that Washington not curtail the legitimate rights of China and other countries in resolving the situation in Ukraine.

The Russian authorities have not yet commented on China’s decision. However, China’s actions to impose sanctions may have a negative impact on the situation.

In turn, the head of the Board of Directors of the National Committee on Relations between the United States and China, Jacob Lew, said that China needs to make a choice and take a certain side in the situation in Ukraine.

He noted that the United States and China got closer many years ago to confront the USSR.

Now the situation threatens to split relations between the United States and China again.

The Chinese authorities need to decide which side to choose, Lew said.

Earlier, topNews wrote that Western countries intend to disconnect a number of Russian banks from SWIFT.

This decision was made by the European Union. It will come into force after it is published in the Official Journal of the EU.

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Against this background, the dollar exchange rate reached 100 rubles, the euro exchange rate – 113 rubles.

The Board of Directors of the Russian financial regulator decided to raise the key rate.

From February 28, 2022, this figure will be 20% per annum.

This is stated on the website of the Central Bank of the Russian Federation. The increase in the key rate is explained by changes in external conditions.

The regulator said that this step will help raise deposit rates to levels that compensate for inflation and devaluation risks, which will help protect the savings of Russians.

Further, the Central Bank of the Russian Federation intends to rely on an assessment of risks from both external and internal conditions when making decisions.

Experts spoke about the measures taken by the Russian financial regulator.

According to economist Konstantin Selyanin, such a sharp increase has occurred in Russia at least twice. For example, in 2014, when the rate was raised from 10 to 17%.

Before that, the increase occurred in 1998 from 60 to 300%, but then there was also a devaluation of the ruble.

“The main and obvious goal of the Central Bank is now– to raise the key rate so that loans become expensive and, accordingly, speculative money, including borrowed money, went to the foreign exchange market ”, – said the Villager.

He noted that now the Russian financial sector has been hit by a hail of sanctions, which is why the Central Bank of the Russian Federation will have to look for workarounds.

The expert considers the arrest of the reserves of the Central Bank of the Russian Federation to be a worsening factor. A similar thing happened in Iran in 2012.

The villager noted that he does not rule out further changes in the rate, and also recalled that the regulator announced other support measures to ban foreigners from selling shares of the Russian Federation, as well as instructing banks to ease loan conditions in the form of eliminating penalties and penalties for delinquency, writes Е1.ги .

Against this background, the dollar exchange rate at the auction on the Moscow Exchange exceeded the mark of 100 rubles and amounted to 100.9624 rubles. The euro has exceeded 113 rubles and is trading at the level of 113.52 rubles.

Earlier, topNews wrote that Russian President Vladimir Putin ordered to bring the deterrence forces into a special combat duty mode. According to experts, this also applies to the nuclear arsenal.

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Also, the West will freeze the entire currency reserve of the Central Bank of Russia.

The EU and the US have decided to work with Russia on the SWIFT interbank payment system.

Following the negotiations, the heads of the EC (USA, Germany, France, Italy, Great Britain) managed to agree on a partial disconnection of Russia from SWIFT.

As follows from the message of the White House, all Russian banks that have fallen under international sanctions against the background of the start of a military special operation in Ukraine will be excluded from the interbank payment system.

However, it is possible that banks that have not been previously affected by sanctions will not be disconnected from the system.

If necessary, such a decision can be made.

The US Cabinet explained that the new financial sanctions are aimed at isolating Russia’s banking sector from international financial flows and will limit their global activities.

Recall that VTB, Sberbank, Promsvyazbank, Gazprombank, Otkritie, Sovcombank, Novikombank fell under the sanctions of the United States, the EU and the UK.

In addition, the West decided to impose restrictions on the ability of the Central Bank of the Russian Federation to support the ruble through international financial transactions, freezing the entire foreign exchange reserve of $ 630 billion.

As the American official explained to RIA Novosti, these funds would be enough to buy rubles, which compensated for some of the Western sanctions, but now this measure is not available to Russian banks and the Russian ruble will go into “free fall”.

Russians will also be banned from obtaining gold passports, which previously allowed wealthy Russians to obtain citizenship in any EU country.

In other words, sanctions will continue to be imposed on the assets of Russian officials and representatives of elites from the environment of the government of the Russian Federation and their family members, as well as accomplices who are under the jurisdiction of the West.

The parties also agree to create a transatlantic task force that will ensure the effective application of financial sanctions by identifying and freezing assets of sanctioned individuals and companies.

“We will also involve other governments and work to identify and stop the movement of illegally obtained income and deprive these individuals of the opportunity to hide their assets in jurisdictions around the world,” the statement said.

Earlier, Topnews wrote that the Ministry of Economic Development called the most painful block of sanctions against Russia.

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At the moment, 10 countries have closed the skies for Russia.

Against the background of the situation with Ukraine, the authorities of Poland, Latvia, Lithuania, Estonia, Sweden, the Czech Republic, Bulgaria, Romania, Slovenia and the United Kingdom announced the closure of their airspace for Russia on the eve, having received the same sanctions measures in response.

At the same time, an alternative air route was drawn up for residents of Kaliningrad through the neutral waters of the Baltic and St. Petersburg.

However, today, as the ARD TV channel reports, the European Union has also announced the complete closure of the sky for Russian airlines. However, it is not specified yet when exactly such a measure will be introduced.

At the same time, it is already known that the German airline Lufthansa has suspended air traffic with Russia for a period of 10 days.

The reason is still the same – the situation in Ukraine.

In turn, the Minister of Transport and Digital Infrastructure of Germany has already announced preparations for the closure of flights and any air communication with Russia.

Earlier, Topnews wrote that the EU and the US decided to disconnect Russia from SWIFT.

But this restrictive measure applies only to those banks that were previously sanctioned.

It is noteworthy that Putin earlier in his address assured that Russia is fully ready for any sanctions, as well as any development of events.

He also noted that retaliatory measures will be taken against all sanctions.

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The two largest state-owned banks of China have stopped transactions on commodities in Russia.

In China, the two largest state banks have stopped servicing transactions for the purchase of raw materials in Russia.

Bloomberg writes about this, referring to a source familiar with the situation.

Following the Western banks, the divisions of the Chinese ICBC offshore stopped issuing letters of credit to cover transactions with commodity exporters of the Russian Federation.

The financial institution has stopped servicing deliveries in dollars, but in some cases issues letters of credit for transactions in yuan, and for each such decision it is necessary to obtain management approval.

Bank of China has limited financing for purchases of raw materials in the Russian Federation. This decision was made by the bank’s risk management.

Now the credit institution is awaiting the recommendations of the national regulator.

Before that, China’s largest banks adhered to sanctions against Iran, North Korea, as well as Hong Kong officials for fear of falling under the measures of the US Treasury.

According to experts, Chinese banks take sanctions decisions seriously, as they do not want to lose access to transactions in dollars.

Recall that last Thursday, Western banks began to refuse to issue letters of credit for oil supplies from Russia. As a result, the price of the Russian Urals variety has fallen record-breaking to other brands – now a barrel is 11.25 dollars cheaper than Brent, and the demand for spot lots of Urals has collapsed to zero.

Earlier, topNews wrote that the US, the EU and the UK will put Putin and Lavrov on the sanctions list.

Their assets in these countries will be frozen.

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According to experts, the long-term consequences of sanctions come to the fore.

According to the head of the Ministry of Economic Development Maxim Reshetnikov, due to the sanctions imposed, the current situation in the financial markets is calming down, but the consequences of restrictive measures in the long term come to the fore.

The Agency has created a group of experts to analyze the documents.

He noted that so far the entire package of measures introduced has not been published, and there are discrepancies in the published sources.

The head of the IEC noted that three blocks of sanctions can already be distinguished.

The first group includes measures against the Russian state debt, major companies and banks.

According to the minister, these sanctions are unlikely to hinder the functioning of the banking system, and Russia has its own resources, Vedomosti writes.

The second group includes restrictions on the import of technologies into the Russian Federation.

So, Washington is going to significantly restrict Russia’s access to technical solutions. However, according to Reshetnikov, Russia has already faced such measures before.

To the third group, the minister attributed measures aimed at restricting Russia’s entry into the world economy.

“This is the brightest moment”, – Reshetnikov said.

He noted that the presence in the markets of Western countries, as well as Japan and Australia, will be greatly complicated.

At the same time, the energy sector is excluded from sanctions, so its share will simply decrease.

“The most noticeable blow was inflicted on the Russian export support system – non-primary non-energy, – he said, noting that this is primarily due to sanctions against VEB and REC.

Earlier, topNews wrote that Chinese banks have joined the sanctions against Russia.

Two state banks have imposed restrictions on transactions on Russian raw materials.

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The stock market collapsed the day before.

The head of Lukoil, Vagit Alekperov, suffered the most from the Russian operation in Ukraine. This is reported by Forbes. Journalists have calculated exactly how much money Russian billionaires have lost.

So, on the eve of February 24, against the background of news about the special operation in Ukraine, the stock market in the Russian Federation collapsed.

By the end of Thursday, it collapsed by 33.28%. It was Alekperov who suffered the greatest losses – his fortune decreased by $ 3.8 billion, which is 15.4%.

Alexey Mordashov, the main beneficiary of Severstal, lost more than three billion dollars. Suleiman Kerimov’s fortune decreased by 18.2% or 2.6 billion rubles.

But in percentage terms, Oleg Tinkov, the head of TCS Group, suffered the most. He lost more than 52% of his fortune, which is $2 billion. Vladimir Potanin, the owner of Norilsk Nickel, missed 2.5 billion rubles.

Information about the huge losses of Russian oligarchs was also confirmed by Bloomberg.

Against this background, all Russian banks made a joint statement, including BEAC, VTB, Alfa-Bank, Otkritie. They turned to customers and stated that they ensure the smooth operation of the entire financial market.

All banks reported that they serve customers regularly, they urge them to pass this period calmly. Customers were assured that there are no restrictions on cash withdrawals at ATMs, branches, banks have enough liquidity.

“In the conditions of sanctions, we coordinate our activities and work together with the Central Bank to ensure uninterrupted and sustainable operation,” the banks’ appeal says.

Russians were asked to contact the hotlines of banks, branches or websites for official information.

As Topnews wrote earlier, experts have made their predictions about the consequences for Russian banks that have fallen under sanctions.

On the positive side, Europe has not yet disconnected Russia from the SWIFT system, there are no restrictive measures for Visa and Mastercard.

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Delivery may be affected by Ukrainian events.

Western media have learned about China’s temporary rejection of Russian oil. This decision is connected with Russia’s military operation in Ukraine, potentially strained Russian-Ukrainian relations may affect the delivery of fuel.

According to Bloomberg, buyers of raw materials have suspended purchases, citing the fact that they are waiting for the situation with financing and payment of goods to clear up.

Against the background of the crisis, the cost of transporting oil from the Black Sea has increased several times.

Shippers are now avoiding the Black Sea for security reasons, insiders say.

Nevertheless, Chinese suppliers hope that the situation will clear up in the coming days. Chinese companies may find themselves in a situation where they get entangled in payment problems, or they will have to pay many times more for the delivery of valuable cargo.

Recall that China is the largest buyer of oil from Russia. Only at the beginning of February, firms from China bought Russian oil of the ESPO and Sokol brands.

The Urals brand of oil, which is loaded in the Black Sea, was also purchased.

In March of this year, China plans to supply at least 86 thousand barrels of Urals crude oil. This figure could be the largest in almost two years.

And in January 2022, the supply of the ESPO brand to China increased to 818 thousand barrels per day – this is also a record.

Analysts note that coal supplies will also suffer from the Ukrainian crisis – the price for it is growing rapidly. All this will lead to an increase in electricity prices in China.

As Topnews wrote earlier, Belgium appealed to the European Union with a cardinal proposal on sanctions for Russia – to cancel all valid visas of Russians.

European politicians also suggested disabling SWIFT international payment systems, but Europe and the United States have not taken this step yet.

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Georgia has not supported Western sanctions against Russia.

Germany has declared a complete blockade of Russian banks. The country also announced the termination of business with Russia.

This statement was made by the head of the Ministry of Finance of Germany Christian Lindner.

According to him, separate transactions will be possible, including for gas payments.

The French Economic Ministry, in turn, promised to block the accounts of the sanctioned Russians.

At the same time, the Georgian authorities have stated that they will not support sanctions against Russia against the background of what is happening in Ukraine.

According to Prime Minister Irakli Garibashvili, Tbilisi is following the actions of the West, but does not support it.

“Georgia, taking into account our national interests, is not going to participate in financial and economic sanctions,” TASS quoted him as saying.

Prior to that, the British Foreign Ministry said that London would not calm down until the Russian economy suffered damage and the sovereignty of Ukraine was restored.

Earlier, topNews wrote that shooting began in the government quarter of Kiev.

At the same time, Zelensky told about where he is now.

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Biden explained that the sanctions are imposed in response to Russian aggression in Ukraine.

US President Biden announced collective sanctions against Russia due to the invasion of Ukraine, which, according to him, will have a devastating impact on Moscow.

In addition to the new list of sanctions against Russian officials and their families, the US imposes restrictions on borrowing in the US and EU markets for the largest Russian state-owned companies.

Among the individuals who fell under the restrictions were the sons of a member of the Security Council Sergei Ivanov, the head of Rosneft Igor Sechin and the head of the FSB Nikolai Patrushev.

The package of blocking sanctions also includes four Russian banks, including VTB, Otkritie, Sovcombank, Novikombank.

The sanctions package also includes Russia’s restrictions on doing business in dollars, euros, pounds and yen, which will undermine Russia’s ability to compete with other countries.

Biden also announced that sanctions have been imposed on Russia’s export and import restrictions on high-tech products by 50%.

The US President assured that these sanctions will directly affect the possibility of modernization of the (Russian) military industry and will damage the aerospace industry, including the space program, damage shipbuilding and hit economic competitiveness.

So far, the United States does not intend to disconnect Russia from the SWIFT international payment system. In addition, the United States is considering the possibility of imposing sanctions personally against Vladimir Putin.

Meanwhile, according to CNN correspondent Phil Mattingly, Sberbank and Gazprombank were also sanctioned.

During the press conference, Biden explained that the sanctions are imposed in response to Russian aggression in Ukraine. The American leader explained that having embarked on this path, it was Russia that rejected all attempts by the United States to resolve the security issue.

Putin’s statements about Ukraine’s aggression, as Biden stressed, are senseless and unsubstantiated, and Russia’s actions are unfounded.

Now, in his opinion, negotiations with Putin are useless and he does not intend to conduct them yet, explaining that today Russian-American relations are experiencing a complete rupture and now Russia is facing cold days.

Biden assured that Putin’s “aggression” will cost Russia dearly, and the Russian president himself will become an “outcast” in the international arena.

Nevertheless, the US armed forces do not plan to defend Ukraine, he noted. On the contrary, he plans to send additional forces to strengthen the positions of NATO and allies on the eastern flank.

Earlier, Topnews wrote that Britain banned Aeroflot flights and announced the rejection of Russian oil and gas, and the EU published a sanctions list of more than 300 Russians.

Источник topnews.ru