In an unusual move, Western allies are adding Putin and other top Russian officials to their sanctions list. The crypto market is looking for stability, with Bitcoin hovering around $40,000.
The United States, the European Union and the United Kingdom are imposing sanctions on Russian President Vladimir Putin and other high-ranking officials in the country.
The White House announced Friday that it will add Putin and Foreign Minister Sergey Lavrov to its sanctions list in response to Russia’s invasion of Ukraine. White House Secretary Jen Psaki told a briefing that the move will target Putin’s finances and include a ban on travel to the US.
Following a television telephone conversation that President Biden had with the President of the European Commission, Ursula von der Leyen, and in line with the decision of our European allies, the United States will join them in sanctioning President Putin, the Minister of Foreign Affairs Lavrov and members of the Russian national security team.
While details of the measures were not provided, the secretary said the US sanctions are in line with similar efforts by the European Commission. “We are working in close coordination and in unison with our European counterparts… The shared hope is that they will have significant economic and financial consequences.“, he added.
US and Europe Sanction Senior Russian Officials
The move, which Psaki called “rareIt is the third set of sanctions announced against Russia since it began invading Ukraine earlier this week.
Earlier this week, the United States added several of Russia’s largest banks to its sanctions list, seizing assets in the US and blocking these institutions from interacting with the US financial sector. Reciprocal sanctions enacted by the UK and the EU will enforce similar prohibitions.
Allied countries have also announced that to seize assets belonging to people with close ties to the Russian president. Meanwhile, the allies’ push to block Russia from the SWIFT interbank payments system seems keep increasing as military attacks intensify.
Putin and Lavrov are the highest-ranking officials sanctioned by the United States in response to the Russian invasion of Ukraine, according to CNBC. Both join a growing list of elite Russian government officials the United States has sanctioned in response to Russia’s actions in Ukraine.
The Russian president announced a special military operation in Ukraine on Thursday morning. Since then, dozens of thousands of Russian troops have launched an armed invasion of various cities in the country with the apparent goal of taking the capital of Kiev. I agree with you most recent reports, this Saturday, the streets of the Ukrainian capital became a battle zone; although President Volodymyr Zelensky assured in a video that the country hadsuccessfully resisted and repelled enemy attacks“.
Cryptocurrency market reacts to the upside
The announcements seemed to have a positive impact on the digital asset market, which remained slightly higher after a steep drop in the middle of the week. Bitcoin reached USD $40,000 after the news of sanctions on Putin. The flagship cryptocurrency had plunged below the $35,000 barrier on Thursday, following the Russian invasion announcement.
The rest of the major digital currencies also posted modest gains on Friday. Ether it rose as high as $2,835 after dipping below $2,400 the previous day, and overall the market appears to be staying in the green. The total market capitalization of digital assets touched $1.8 trillion on Friday, after dipping as low as $1.5 trillion. The bullish figure remains close to $1 trillion below November’s all-time highs.
Rumors about a possible negotiation between Russia and Ukraine also favored market prices, according to some reports. On Friday, a Kremlin spokesman told reporters that Putin was “ready to send a Russian delegation to Minsk“. However, the Russian president later suggested that he was not serious about participating in the talks.
Cryptocurrencies post a less volatile day and prices appear to be holding up amid the ongoing armed conflict in Eastern Europe. Bitcoin around USD $39,000 at the time of publication.
Article by Hannah Estefanía Pérez / DailyBitcoin
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