• Western sanctions forced Russia to draw down its valuable dollar reserves to pay its debts, US Treasury says

    19 days ago - By Business Insider

    Russia avoided default on Tuesday. Gavriil Grigorov\TASS via Getty Images
    Western sanctions have forced Russia to use up currency reserves to pay its debts, the US Treasury has said.
    A Treasury official said the dollars can no longer be used to fund Russia's invasion of Ukraine.
    Russia avoided default at the last minute on Tuesday after paying bondholders in dollars in a major U-turn.
    Western sanctions have forced Russia to deplete its own reserves of dollars to pay its debts, meaning the money can't go towards funding its invasion of Ukraine, the US Treasury has said. Russia avoided...
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  • UK bans Russia from using British services and takes aim at Kremlin troll factory, in swathe of new sanctions

    19 days ago - By Business Insider

    Liz Truss, the UK's foreign secretary, said doing business with Russia was "morally bankrupt." Dan Kitwood/Getty Image
    The UK is banning Russia from accessing its services industry in its latest round of sanctions.
    The foreign secretary also took aim at journalists and media operators that help the Kremlin.
    "Doing business with Putin's regime is morally bankrupt and helps fund a war machine," she said.
    The UK has banned Russia from using British management consulting, accounting, and public-relations services in a new round of sanctions, and taken aim at people who have helped Kremlin...
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