Sign up now for FREE unlimited access to Reuters.com Register WASHINGTON, March 31 (Reuters) – Senior U.S. officials have been mobilized this week to pressure world leaders to continue pushing for Moscow or campaigning for sanctions and other measures as the war in Ukraine enters its fifth week. initial economic shock Russia seems to be retreating. Deputy Finance Minister Wally Adeyemo met with senior officials in London, Brussels and Paris and will conclude the week in Berlin. Deputy National Security Adviser for International Finance Daleep Singh pressured Indian officials in New Delhi, and Foreign Minister Antony Blinken discussed the Ukraine war with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Mayo. The effort comes as the initial impact of unexpectedly harsh sanctions on Russian banks, oligarchs and companies begins to wane and the United States is considering its next financial steps to isolate Russian President Vladimir Putin. Sign up now for FREE unlimited access to Reuters.com Register Within days of the cut-off of key Russian banks by the international financial network SWIFT and the immobilization of most of the Russian central bank’s foreign exchange capital of $ 630 billion, the ruble lost half of its value. Moscow was facing an economic crisis. . But a month later, the ruble has recovered sharply shortly before the invasion, partly boosted by Russian capital controls, government orders to export companies to sell foreign currency and fundraising companies to pay taxes at the end. of the quarter. Shares on the Russian stock market are trading again, although they have fallen in value. Russian bank VTB (VTBR.MM), the main target of sanctions, remains open to operations in Europe, where it has amassed billions of euros in deposits, mostly from German savers. Other Russian banks are considering China’s UnionPay credit card system following the suspension of Visa and Mastercard operations in Russia. read more And sanctions have so far left untouched Russia’s biggest economic lifeline – energy sales in Europe, which could be up to 500 million euros ($ 555 million) a day at current prices. Russia is demanding ruble payments for gas from Friday, which could further strengthen the currency. The Biden administration has ensured that European allies are firmly in line with Putin’s punishment, while working to influence marginalized leaders as the war escalates, officials say. “We must continue to put pressure on Russia and increase our support for Ukraine,” said a senior US official, speaking on condition of anonymity. “This is a challenge facing the free world and all democratic nations. And we must be prepared for it to last.” TREATMENT CHINA, WARNING INDIA The visits follow closely after Biden’s visit to Europe last week and come as Russia and China – the world’s second largest economy – get closer. Chinese Foreign Minister Wang Yi met with his Russian counterpart Sergei Lavrov on Wednesday, reaffirming Beijing’s plans to continue bilateral ties and boost co-operation. read more Deputy Finance Minister Adeyemo’s talks with his European counterparts focused on sanctions, the impact of India and China on possible Russian sanctions efforts, and how to help countries like Germany meet their energy needs in the event of a Russian embargo, he said. a European official. In Brussels, officials discussed measures to “align the implementation and enforcement of sanctions, expand joint co-operation on sanctions and further deepen the transatlantic sanctions alliance,” the finance ministry said. A key issue was Russia’s demand that foreign buyers pay for Russian gas imports in rubles from Friday, otherwise they would face supply disruptions, the European official said. The European capitals rejected the request and the German government said it was tantamount to “blackmail”. There is an urgent need for the United States to maintain relations with its allies, said Kathryn Novelli, a former senior US trade official and diplomat, stressing the difficulty of maintaining the momentum of sanctions and other punitive measures after the initial outrage subsided. In India, White House economic adviser Singh, who led efforts to coordinate the Western response to the war, told officials Washington would not draw a red line for the oil market, but warned of rapid market acceleration. read more India is militarily dependent on Russian technology and equipment and has sought to balance its long-standing ties with Russia and the West. Unlike other members of the Quad group – the United States, Japan and Australia – it has not imposed sanctions on Russia. Singh spoke before Russian Foreign Minister Lavrov arrived in the Indian capital for a two-day trip. ($ 1 = 0.9034 euros) Sign up now for FREE unlimited access to Reuters.com Register Report by Andrea Shalal, David Lawder in Washington, Mark John in London and John O’Donnell in Frankfurt. Editing by Heather Timmons, Jonathan Oatis and Lincoln Feast. Our role models: The Thomson Reuters Trust Principles.
