A new round of worldwide sanctions on Russia

On April 12, it was reported that Japan announced that it would freeze the assets of 398 Russian individuals and 28 groups as a new round of economic sanctions against the Moscow authorities. To prevent loopholes in the sanctions, close family members of the high-profile Russian officials are particularly included in the sanctions, for instance, Putin’s two daughters, Maria and Katerina, and the wife of Russian Foreign Minister Sergey Lavrov.
In addition, in consideration of aligning with the G7, Japan will ban the import of wood, machinery, and alcoholic beverages, such as vodka from Russia. This is also the first time that the Kishida Fumio government has imposed an import ban on Moscow. The import ban is set to take effect on April 19. Meanwhile, Sberbank, Russia’s largest federal savings bank, and Alfa-Bank, the largest private commercial bank are also the main targets of the Japanese government’s sanctions. In addition, Japan will prohibit any Japanese institutions or enterprises from participating in new investment projects in Russia after May 12.
At the same time, U.S. President Joe Biden also urged Indian Prime Minister, Narendra Modi, to stop buying more Russian oil and gas. President Biden emphasized that accelerating or increasing imports of Russian energy and other commodities no longer serve India’s interests. This will also hinder the global efforts to maintain economic sanctions against Russia.As Russia faces global sanctions, Russian former Finance Minister, Alexei Kudrin, said Moscow authorities expect Russia’s economy to shrink by more than 10% in 2022, which will be Russia’s biggest GDP decline since the collapse of the Soviet Union in 1991.