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Month: February 2022

У Макрона назвали Лукашенка «президентом», лідер Франції закликав вивести російські війська з Білорусі

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Президент Франції Емманюель Макрон провів телефонну розмову з Олександром Лукашенком, якого Єлисейський палац назвав «президентом Білорусі».

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Categories: Новини, Світ

Momentum Grows to Cut Russia From SWIFT Global Banking System

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The U.S. is revisiting cutting Russia from the global bank-to-bank payment system known as SWIFT, as the next step in a series of escalating sanctions punishing Moscow for the unprovoked invasion of Ukraine.

U.S. President Joe Biden initially held back on this crucial step that would isolate Russia on the world stage and have a serious impact on its economy, due to the concerns of European allies. But those concerns appeared to be eroding Saturday as Russian forces moved to encircle the Ukrainian capital of Kyiv.

Ukraine has lobbied for a SWIFT ban on Russia, urging Europe to act more forcefully in imposing sanctions against Moscow. However, some European nations, including Germany, are hesitant to take that step.

 

British Prime Minister Boris Johnson called Friday for nations to cut off Russia from the SWIFT international bank transfer system “to inflict maximum pain.”

Luxembourg Foreign Minister Jean Asselborn said “the debate about SWIFT is not off the table, it will continue.”

Putin, Lavrov sanctioned

The United States announced Friday that it would freeze the assets of Russian President Vladimir Putin and Russian Foreign Minister Sergey Lavrov, following similar steps taken by the European Union and Britain, as nations around the world sought to tighten sanctions against Russia’s government over its invasion of Ukraine.

The U.S. Treasury Department announced the action Friday after EU foreign ministers meeting in Brussels unanimously agreed to freeze the property and bank accounts of the top Russian officials.

Britain’s government took the same action Friday, with Foreign Secretary Liz Truss writing on Twitter, “We will not stop inflicting economic pain on the Kremlin until Ukrainian sovereignty is restored.”

White House press secretary Jen Psaki said the move by the U.S., the European Union and Britain sends “a clear message about the strength of the opposition to the actions” by Putin.

Juan González, the National Security Council Senior Director for Western Hemisphere Affairs, told VOA, the sanctions were designed to apply global pressure on Russia.

“If you see the sanctions on 13 financial institutions, among the largest in Russia, that will have an impact with any government or business that has agreements with these institutions. But also, a lot of this money laundering and governments that operate outside the financial system international will feel the squeeze,” Gonzalez said.

Russian foreign ministry spokeswoman Maria Zakharova said the sanctions against Putin and Lavrov reflect the West’s “absolute impotence” when it comes to foreign policy, according to the RIA news agency.

World leaders are rarely the target of direct sanctions. The only other leaders currently under EU sanctions are Belarus President Alexander Lukashenko and Syrian President Bashar al-Assad, according to Agence France-Presse.

Austrian Foreign Minister Alexander Schallenberg said the move is “a unique step in history” toward a country that has a permanent seat on the U.N. Security Council but said it shows how united EU countries are in countering Russia’s actions.

The EU sanctions against Putin and Lavrov are part of a broader sanctions package that targets Russian banks, oil refineries and Russia’s defense industry.

EU leaders agreed, however, it was premature to impose a travel ban on Putin and Lavrov because negotiating channels need to be kept open.

German Foreign Minister Annalena Baerbock said Friday the package of banking sanctions the EU has passed would hit Putin’s government harder than excluding Russia from the SWIFT payments system.

“The sword that looks hardest isn’t always the cleverest one,” she said, adding, “the sharper sword at the moment is listing [the] banks.”

In response to the sanctions, Russia has taken its own measures, including banning British flights over its territory, after Britain imposed a similar ban on Aeroflot flights.  

The United States and several allies had imposed a first tranche of sanctions Tuesday, after Putin declared the disputed eastern Ukraine regions of Luhansk and Donetsk as independent states, much as he appropriated Ukraine’s Crimean Peninsula in 2014.

President Biden added another round of sanctions on Russia Thursday, hours after Russia began its invasion of Ukraine, declaring at the White House after meeting virtually with leaders of the G-7 nations and NATO that “Putin chose this war, and now he and his country will bear the consequences.”

Biden said the new U.S. sanctions, which target Russian banks, oligarchs and high-tech sectors and include export controls, will “squeeze Russia’s access to finance and technology for strategic sectors of its economy and degrade its industrial capacity for years to come.”

NATO allies, including Britain and the European Union, also imposed more sanctions Thursday, and the effects were felt almost immediately when global security prices plunged and commodity prices surged. Biden acknowledged that Americans would see higher gasoline prices.

Also Friday, an International Criminal Court prosecutor warned that the court may investigate whether Russia has committed any possible war crimes, following its invasion of Ukraine.

“I remind all sides conducting hostilities on the territory of Ukraine that my office may exercise its jurisdiction and investigate any act of genocide, crime against humanity or war crime committed within Ukraine,” ICC prosecutor Karim Khan said Friday in a statement.

Some information in this report came from The Associated Press, Agence France-Presse and Reuters.

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Конгресмени США від обох партій закликали Байдена закрити небо над Україною

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Американські конгресмени Джеррі Коннолі і Майк Тернер звернулися до президента США Джо Байдена з закликом позбавити Росію доступу до повітряного простору над Україною

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Categories: Новини, Світ

У Брюсселі протестували проти російської агресії перед представництвом РФ в ЄС

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Люди тримали прапори ЄС та України, а також плакати англійською, українською та російською мовами з написами «Зупиніть війну» та «Україна = Європа»

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Categories: Новини, Світ

Президент Байден може запросити в Конгресу понад 10 мільярдів доларів для України та інших союзників

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Про можливу допомогу у понад 10 мільярдів доларів для України та інших союзників заявив провідний член Сенату від Демократичної партії Кріс Кунс

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Key US Inflation Gauge Hit 6.1% in January, Highest Since 1982

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An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen after Russia’s invasion of Ukraine.

The figure reported Friday by the Commerce Department was the largest year-over-year rise since 1982. Excluding volatile food and energy prices, core inflation increased 5.2% in January from a year earlier.

Robust consumer spending has combined with widespread product and worker shortages to create the highest inflation in four decades — a heavy burden for U.S. households, especially lower-income families faced with elevated costs for food, fuel and rent.

At the same time, consumers as a whole largely shrugged off the higher prices last month and boosted their spending 2.1% from December to January, Friday’s report said, an encouraging sign for the economy and the job market. That was a sharp improvement from December, when spending fell. Americans across the income scale have been receiving pay raises and have amassed more savings than they had before the pandemic struck two years ago. That expanded pool of savings provides fuel for future spending.

Inflation, though, is expected to remain high and perhaps accelerate in the coming months, especially with Russia’s invasion likely disrupting oil and gas exports. The costs of other commodities that are produced in Ukraine, such as wheat and aluminum, have also increased.

President Joe Biden said Thursday that he would do “everything I can” to keep gas prices in check. Biden did not spell out details, though he mentioned the possibility of releasing more oil from the nation’s strategic reserves. He also warned that oil and gas companies “should not exploit this moment” by raising prices at the pump.

A separate report Friday showed that orders for long-lasting factory goods rose sharply in January, led by a rise in demand for airplanes. The figures indicate that many companies are willing to invest more in industrial equipment and other goods, a sign of confidence in the economy.

“Overall, the real economy appears to be in stronger health than we feared,” said Paul Ashworth, chief U.S. economist at Capital Economics, a forecasting firm.

Russia’s invasion and the likely resulting rise in inflation have increased pressure on the Federal Reserve, which is expected to raise interest rates by a quarter-point as many as five or six times this year beginning in March. The Fed’s delicate task — to raise rates enough to restrain inflation, without going so far as to tip the economy into recession — has now become more difficult.

Fed officials are acknowledging that the invasion of Ukraine has complicated the economic outlook, but say that so far they are sticking with their plans for rate hikes.

Loretta Mester, president of the Federal Reserve Bank of Cleveland, said Thursday that she supported a series of rate hikes beginning in March. But she said the Fed should remain flexible: Faster rate hikes might be needed, she said, if inflation hasn’t begun to fade by mid-year, or more gradual increases if inflation is slowing.

“The implications of the unfolding situation in Ukraine for the medium-run economic outlook in the U.S. will also be a consideration,” she said. Other Fed officials have offered similar remarks this week.

Late Thursday, however, Fed governor Christopher Waller said he would support a half-point rate hike in March if inflation remains high.

Fed officials want inflation to fall back to its 2% target, as measured by the Commerce Department’s gauge, released Friday. A separate measure, the consumer price index, released two weeks ago, showed that inflation reached 7.5% in January from a year earlier, also a four-decade high.

In December, Fed officials projected that inflation would decline to just 2.7%, according to their preferred measure, by the end of this year, which most economists see as increasingly unlikely. The Fed will release updated projections at its March meeting.

January’s data show inflation was already picking up before the invasion. From December to January, prices rose 0.6%, up from 0.5% in the previous month.

There are early indications that consumer spending has stayed healthy, boosted by the rapid fading of the omicron wave of the coronavirus. JPMorgan Chase said that spending on its credit cards for airline tickets, hotel rooms, and restaurant meals rose in the first half of this month.

The JPMorgan Chase Institute also recently released data showing that cash balances remain elevated among their customers, including those with lower incomes. Bank account balances for Americans with less than $26,000 in income were 65% higher at the end of last year than they were two years before.

Americans’ paychecks are rising steadily. Average hourly earnings rose 5.7% in January compared with a year ago. Unless companies can offset their higher labor costs with greater efficiencies, most of them will likely charge their customers more. This would send inflation higher.

The combination of higher pay and enhanced savings suggests that Americans may be able to keep spending at a solid pace in the coming months, thereby sustaining the economy’s inflationary pressures.

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