MNI: Sanctions Push On Russia Gathers Steam Over Ukraine

The Biden administration on Tuesday has notified the U.S. Congress of sanctions on “certain persons” and “transactions” linked to Russia's move to send troops into the Ukraine and released a fact sheet of steps that outline an executive order on the matter, with the prospect of more to come.

As reported, Russian President Vladimir Putin has ordered Russian troops for “the function of peacekeeping” into two Moscow-backed rebel regions in eastern Ukraine on late Monday, Donetsk and Lugansk, after recognising them as independent, according to an official transcript from Putin’s office, and decrees, see: MNI BRIEF: Russia's Putin Sends Troops To Ukraine East Regions.

The United Nations held an emergency meeting of the Security Council late on Monday in New York, though Russia with veto power can block any resolution. The U.S. envoy to the United Nations told reporters that further sanction measures against Russia, unrelated to the Security Council meeting, are likely to be announced on Tuesday.

European Union ambassadors are slated to meet Tuesday in Brussels at 9:00am CET to discuss sanctions.

Japan’s Foreign Minister Yoshimasa Hayashi told broadcaster NHK that Tokyo would coordinate with the international community in sanctions on Russia. Separately, Industry Minister Hagiuda Koichi told NHK the country will take unspecified measures by next month to combat higher oil prices with Brent crude futures for April topping $97 a barrel on Tuesday in Asia.

The yen held mostly steady to slightly higher against the dollar in Asia around JPY114.74 on Tuesday and Asian equity markets fell. Bloomberg reported that U.S. equity futures pointed lower, and Treasuries rose, taking the U.S. 10-year yield below 1.90%.