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US hell-bent on crippling Russia economy: Report

354375_Barack Obama

The US government is hell-bent on crippling Russia’s economy in retaliation for Moscow’s plan to annex Crimea following its detachment from Ukraine, a report says.

US President Barack Obama and his economic team are discussing options on how to damage Russia’s economy, The New York Times reported.

In his anti-Russia intention, Obama enjoys the backing of Daniel Fried, the State Department coordinator of sanctions, Victoria J. Nuland, the assistant secretary of state for the region, as well as US Ambassador to Moscow Geoffrey R. Pyatt.

However, Obama’s sanctions plan against Russia has worried major American companies unwilling to lose business to competitors.

“If they actually annex, if a Russian tricolor goes up, this is a whole new ballgame,” Strobe Talbott, an expert on Russia, said.

Russia has become embroiled in a standoff with the United States and its allies over Ukraine’s autonomous territory of Crimea, where a large majority of ethnic Russians reside and where Russia has a naval base.

Washington has imposed visa restrictions on Russians, ordered sanctions on individuals whom it says have been involved in the Russian military intervention in Ukraine, and condemned the proposed referendum in Crimea to break away from Ukraine and join Russia.

On Tuesday, the Crimean parliament adopted an independence declaration from Ukraine, which is necessary for the vote on joining neighboring Russia, to be held on March 16.

Russian Foreign Ministry welcomed Crimean assembly’s declaration of independence from Ukraine, describing it as an “absolutely lawful” measure.

In addition, the European Union has suspended visa and investment talks with Russia over the same issue and threatened sanctions if no diplomatic progress is made.

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