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Ukraine: Russian Government Official Issues Warning Over Sanctions

Ukraine: Russian Government Official Issues Warning Over Sanctions
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The Russian government has issued a warning regarding the West's sanctions after Russia's troops entered Ukraine.

Dmitry Medvedev, a deputy head of Russia's Security Council, tweeted his response:

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This tweet came after it was revealed that Russia was banned from the SWIFT system, and Boris Johnson said he was ready to "intensify" sanctions.

Medvedev's tweet directly responds to French finance minister Bruno Le Maire. Speaking on French radio, he said that the European Union (EU) would unleash an economic and financial war on Russia, Sky News reposts.

Medvedev served as a placeholder for Putin when he transitioned to the prime minister from 2008 to 2012 due to term limitations.

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Ukraine: Russian Government Official Issues Warning Over Sanctions

SWIFT is a high-security network that facilitates financial transactions worldwide. Banning the SWIFT in Russia is a move intended to "harm their [Russia's] ability to operate globally" since it will delay payments Russia gets for main exports of oil and gas.

This action is not the only major thing that has changed in the past four days. Other sanctions are targeting Russia's finance, energy, and military-industrial sectors.

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Russia's central bank has become one of the primary targets. The Western leaders agreed to freeze its assets to limit its ability to access $630 billion in international dollar reserves.

Ukraine: Russian Government Official Issues Warning Over Sanctions

This decision was followed by excluding all of Russia's central banks from the UK's financial system.

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Exports to Russia have also been targeted. The EU, US, and the UK announced limitations on which products can be sent.

These products include things with dual civilian and military use, like high-tech items and specific chemicals.

Individuals will also be targeted under the sanctions. A so-called "hit list" of oligarchs is high on the priority list. It is unclear whether these sanctions will include governments supporting Russia's actions.

The EU, US, UK, and Canada have announced a task force dedicated to identifying and freezing the assets of oligarchs and companies.