Category: Economy
US announces sanctions against Kremlin-controlled media companies and bans Russia from using some American consulting services
WashingtonCNN — The US announced a slate of new sanctions against Russia on Sunday, cutting off Kremlin-controlled media outlets from American advertisers and prohibiting the country from using US-provided management and accounting consulting services, according to a senior administration official and a White House fact sheet. President Joe Biden and the leaders of the G-7 met virtually with Ukrainian President Volodymyr Zelensky on Sunday to discuss further actions the US and its allies are taking to punish Russia for its unprovoked invasion of Ukraine. The announcement also included new export controls against the Russian industrial sector and roughly 2,600 visa restrictions on Russian and Belarusian officials, [Read More…]
Ukraine war is economic catastrophe, warns World Bank
The war in Ukraine is “a catastrophe” for the world which will cut global economic growth, the president of the World Bank has told the BBC. “The war in Ukraine comes at a bad time for the world because inflation was already rising,” said David Malpass. He stressed his biggest concern is “about the pure human loss of lives” that is occurring. Thousands of civilians and soldiers are thought to have been killed by the fighting. Mr Malpass said the economic impact of the war stretches beyond Ukraine’s borders, and the rises in global energy prices in particular “hit the [Read More…]
