Allows financial transactions tied to the Trump-Putin summit to proceed under relaxed sanctions by the US.
The ongoing conflict in Ukraine, considered the most serious security situation in Europe since World War II, has been a topic of international concern since Russia invaded on February 24, 2022. This week, the spotlight is on the upcoming summit between the leaders of the United States and Russia, scheduled for Friday, August 18, 2023, in Anchorage, Alaska.
The current sanctions against Russia, imposed due to the invasion of Ukraine, primarily target Russia's financial sector, energy exports, and specific individuals linked to the Kremlin. These measures include freezing $5 billion of Russia's central bank assets, barring major Russian banks from SWIFT, restricting U.S. investor dealings with Russian securities, banning imports of Russian oil and coal, and capping the price for Russian oil exports globally.
Donald Trump, the former U.S. President, has proposed the possibility of territorial concessions, an idea that Ukrainian President Volodymyr Zelenskyy has opposed. Despite this, the Ukrainian government has been moving away from Moscow's sphere of influence and closer to Europe and the West since its independence in 1991.
The Coalition of Volunteers, led by France, the United Kingdom, and Germany, has advocated for strengthening sanctions against Russia if President Putin rejects a ceasefire at the Alaska summit. The Coalition has also proposed the deployment of a "calming force" when hostilities cease. However, recent diplomatic interactions such as the Trump-Putin meeting have not resulted in any publicly documented proposals to further escalate sanctions.
The conflict in Ukraine has been marked by large-scale aerial attacks by Russia on Ukrainian cities and infrastructure. Kyiv's forces have targeted military targets in Russian territory and the illegally annexed Crimean peninsula with 'drones' (unmanned aircraft). The Ukrainian president will not be present at the Friday meeting.
The Office of Foreign Assets Control (OFAC) has authorized a measure that will be valid until midnight on August 20, 2023. This authorization does not permit the release or liberation of any blocked or frozen property or any transactions prohibited by any other executive order, except when temporarily authorized.
The summit will be the first between the leaders of the United States and Russia since the large-scale invasion of Ukraine in February 2022. The Kremlin remains cautious about engaging in diplomacy that could weaken its domestic narrative, and key Russian officials continue to reject immediate high-level negotiations with Ukraine.
In a recent meeting, the Coalition of Volunteers, including the participation of US Vice President JD Vance, discussed their readiness to play an "active role" in providing security guarantees to Ukraine for future peace. The effectiveness and potential strengthening of sanctions appear closely linked to Russia's military actions and Ukraine's battlefield resilience rather than shifts emanating from diplomatic summits.
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