Digital Article Repository: Effects of the Russia-Ukraine Conflict
Effects of the Russia-Ukraine Conflict
The following articles were curated to outline potential effects and mitigation efforts as a result of the Russia-Ukraine conflict. Click here for more information on this complicated crisis and an explanation as to how we got here, what Russia wants, and more questions, answered.
- From the Treasury Department:
U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing Swift, and Severe Economic Costs
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed expansive economic measures, in partnership with allies and partners, that target the core infrastructure of the Russian financial system. The actions also target nearly 80 percent of all banking assets in Russia and will have a deep and long-lasting effect on the Russian economy and financial system.
U.S. Treasury Imposes Immediate Economic Costs in Response to Actions in the Donetsk and Luhansk Regions
The U.S. is imposing immediate economic costs in response to actions in the Donetsk and Luhansk Regions, including sanctioning major Russian state-owned financial institutions, Kremlin-connected elites, & additional restrictions on Russian sovereign debt.
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- Related Release from the White House: Fact Sheet: The United States Imposes First Tranche of Swift and Severe Costs on Russia
- Related Article from the New York Times: Russia Is Sowing Conflict in Ukraine. What Does That Mean for the U.S. Economy?
- Related Article from CNBC: Russia’s Incursion into Ukraine Heightens the Chance of Policy Mistakes by Global Central Banks
- From the Cybersecurity and Infrastructure Security Agency: CISA Releases New Insight to Help Critical Infrastructure Owners Prepare for and Mitigate Foreign Influence Operations
This CISA Insight is intended to raise awareness amongst critical infrastructure owners and operators on the risks of such influence operations. The document also outlines steps organizations can take to mitigate the effects of MDM, such as ensuring swift coordination in information sharing and communicating accurate and trusted information to bolster resilience.
CISA Shields Up Alert
This current environment requires us all to be laser-focused on resilience. This must include a focus on ensuring preparedness and a rapid, coordinated response to mitigate the impact of such disruptions on our national security, economic prosperity, or public health and safety. CISA has been working closely with our critical infrastructure partners over the past several months to ensure awareness of potential threats—part of a paradigm shift from being reactive to being proactive.- Additional Resources: CISA Launches New Catalog of Free Public and Private Sector Cybersecurity Services
- Related Article from the Treasury Department: Treasury, CISA, FBI and Bank Policy Institute’s Technology Division Gather to Discuss Cyber Infrastructure
- Related Article from Newsweek: FBI Braces for Russian Cyber Attacks in US as Ukraine Tensions Rise
- Related Article from the Harvard Business Review: The Cybersecurity Risks of an Escalating Russia-Ukraine Conflict
Expansion on the Links Above
February 24, 2022 —Targeting Russia’s Two Largest Financial Institutions: Treasury is taking unprecedented action against Russia’s two largest financial institutions, Public Joint Stock Company Sberbank of Russia (Sberbank)and VTB Bank Public Joint Stock Company (VTB Bank), drastically altering their fundamental ability to operate. On a daily basis, Russian financial institutions conduct about $46 billion worth of foreign exchange transactions globally, 80 percent of which are in U.S. dollars. The vast majority of those transactions will now be disrupted. By cutting off Russia’s two largest banks — which combined make up more than half of the total banking system in Russia by asset value — from processing payments through the U.S. financial system. The Russian financial institutions subject to today’s action can no longer benefit from the remarkable reach, efficiency, and security of the U.S. financial system.
The United States Remains Fully Prepared to Impose Further, Expansive Economic Costs, New Sector Determination Enables Treasury to Target Russia’s Entire Financial System
February 22, 2022 — Treasury is targeting Russia’s ability to finance aggression against its neighbors by sanctioning the Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (VEB) and Promsvyazbank Public Joint Stock Company (PSB), along with 42 of their subsidiaries. VEB is crucial to Russia’s ability to raise funds, and PSB is critical to Russia’s defense sector. These sanctions ensure VEB and PSB can no longer do business in the United States and are cut off from the U.S. financial system. All assets under U.S. jurisdiction will be immediately frozen and U.S. individuals and entities are prohibited from doing business with these institutions unless authorized by OFAC. This will immediately impair the ability of VEB and PSB to perform basic functions in the international financial system. Today’s action constrains Russia’s ability to finance defense-related contracts and raise new funds to finance its campaign against Ukraine. Treasury is also designating influential Russians and their family members in Putin’s inner circle believed to be participating in the Russian regime’s kleptocracy, including the Chairman and CEO of PSB.
Related Articles
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- Related Information from the White House: Fact Sheet: The United States Imposes First Tranche of Swift and Severe Costs on Russia
- Related Article from the New York Times: Russia Is Sowing Conflict in Ukraine. What Does That Mean for the U.S. Economy?
- Related Articles from CNBC: Russia’s Incursion into Ukraine Heightens the Chance of Policy Mistakes by Global Central Banks