The effort comes as the initial impact of unexpectedly tough sanctions on Russian banks, oligarchs and companies begins to wear off somewhat, and the United States considers its next economic steps to isolate Russian President Vladimir Putin
Within days of cutting off key Russian banks from the international SWIFT financial transactions network and immobilizing the bulk of the Russian central bank’s $630 billion foreign exchange war chest, the ruble lost half its value, prompting U.S. officials to declare that Moscow was battling a financial crisis.
And the sanctions thus far have left Russia’s biggest economic lifeline untouched – energy sales to Europe, which could be up to 500 million euros a day at current prices. Russia is demanding payments in rubles for gas starting on Friday, which could boost the currency further. Deputy Treasury Secretary Adeyemo’s discussions with his European counterparts centred on sanctions, the impact of India and China on Russia’s potential sanctions evasion efforts, and how to help countries like Germany cover their energy needs in the event of a Russian embargo, said one European official.
In India, Deputy National Security Adviser Singh told officials that the U.S. would not set any red lines about purchasing oil, but warned against rapid acceleration of purchases.
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