Russia Calls US Sanctions 'Unacceptable'; Ruble Value Decreases

Moscow has described the recent US sanctions against influential Russian officials and economic figures as 'unacceptable' and 'illegal'. At the same time, reports indicate a decrease in the value of the ruble and a decline in the country's stock markets. A senior official in Vladimir Putin's government stated on April 8 that Moscow is assessing the damage inflicted on Russian companies and will support major firms affected by the new sanctions. The Russian Prime Minister also emphasized that the sanctions are 'undoubtedly unacceptable, and since they are completely outside the realm of international law, they are also illegal from our perspective.' According to reports, the value of the ruble and the stock markets in Russia have decreased. Forbes estimated that the value of stocks and investments of 50 of the wealthiest Russian citizens fell by $12 billion in one day. On April 5, the US imposed sanctions on seven economic figures 'linked to the Kremlin', 17 senior officials, and several Russian entities and companies. Among those targeted by the sanctions are the head of the gas giant Gazprom and Oleg Deripaska, a tycoon in the aluminum industry. These individuals are commonly referred to as 'oligarchs', and US officials claim they have gained their wealth and power due to their connections with Vladimir Putin, the President of Russia. The Russian Foreign Ministry announced a day after the sanctions were imposed that it would respond 'decisively': 'We will not leave current actions and any other anti-Russian attacks unanswered. However, we would like to advise Washington to abandon the illusion that it can speak to us in a time of sanctions.' Nevertheless, it remains unclear what Russia's exact response to these sanctions will be. Dmitry Peskov, spokesman for Mr. Putin, stated that Russia is evaluating and analyzing the potential consequences of the sanctions. Mr. Peskov said, 'We need time to understand their consequences and must also prepare reciprocal reactions.' The Russian Foreign Ministry stated last week that the US sanctions target companies that have had extensive and long-standing trade relations with the US. These sanctions will freeze the assets and properties of these individuals and companies in the US, and American citizens will also be prohibited from cooperating and conducting business with them. The new sanctions are imposed under a law known as 'CAATSA', which was enacted due to allegations against Moscow regarding the annexation of Crimea, interventions in Syria, and interference in the US elections. Russia has denied interfering in the US elections and claims it entered the campaign and conflicts in Syria at the request of the Syrian central government and to 'combat terrorism.'