Moscow, Feb 25: Russia used its Veto option on UN resolution against it moved by other 3 UNSC permanent members (US, UK, France) over its incursion into Ukraine. Three nations including India, UAE and permanent member China abstained in the 15-member apex international body. India is also Presiding over the body for two years starting January 2022 and is emphasizing for peaceful negotiations on the conflict. Albania, Brazil, Gabon, Ghana, India, Ireland, Kenya, Mexico, Norway, UAE are other 10 members for 2-year term.
Russia responded to sanctions threats by saying, ” Russia will respond to new sanctions by the West,” Kremlin spokesman Dmitry Peskov said on Friday amid rising tensions in Ukraine. Moscow will also equally apply the principle of reciprocity, he added. “Of course, retaliatory measures will follow. Of course, such reciprocity will work here. How symmetrical or asymmetric they will be will depend on the analysis, all of these restrictions still have to be analyzed,” Peskov told reporters. Western nations have imposed severe sanctions on Russia following its invasion of Ukraine on Thursday. The measures are designed to cripple Russia’s economy and punish President Vladimir Putin for military action. Declaring that Russia “chose this war”, US President Joe Biden announced that four major Russian banks will have their assets frozen and be cut off from US dollar transactions; sanctions on wealthy Russian individuals with close links to the Kremlin; the US and allies will cut off more than half of Russia’s high-tech imports to stop it developing its military capabilities EU nations also imposed sanctions on Moscow that included targeting 70 per cent of the Russian banking market and key state owned firms, including defence firms; targeting the energy sector with an export ban on materials Russia uses for oil refineries; banning the sale of aircraft and equipment to Russian airlines and limiting Russia’s access to high-tech, such as semiconductors and software The UK announced all major Russian banks to have their assets frozen and be excluded from the UK financial system; laws to stop major Russian companies and the state raising finance or borrowing money on UK markets; asset freezes on new individuals or entities; Russia’s Aeroflot airline banned from the UK; export licenses suspended for dual-use items which can be used for military purposes; a stop to exports of high-tech items and oil refinery equipment; a limit on deposits Russians can make to UK bank accounts German chancellor Olaf Scholz has also put on hold permission for opening the Nord Stream 2 gas pipeline from Russia to Germany. The UK and the US are also extending financial sanctions on Belarus for its role in the assault on Ukraine, the BBC reported.
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