Commentary on Political Economy

Monday, 28 February 2022

 Lavrov cancels trip to UN

STAFF WRITERS Foreign Minister Sergei Lavrov has cancelled a trip to the UN in Geneva due to the “anti-Russian sanctions” imposed by EU countries, Russia’s mission in Geneva said early on Tuesday.

Mr Lavrov, who had been scheduled to address the UN Human Rights Council and the Conference on Disarmament on Tuesday, has cancelled his trip “due to an unprecedented ban on his flight in the airspace of a number of EU countries that have imposed anti-Russian sanctions,” the mission tweeted.


US bans transactions with Russian central bank. Russia cannot access 600 billion dollars in US held reserves.


The US has banned all US transactions with Russia’s central bank effective immediately, the Treasury Department said, as it unveiled an unprecedented sanction to further punish Moscow for invading Ukraine.

“This action effectively immobilises any assets of the Central Bank of the Russian Federation held in the United States or by US persons, wherever located,” the Treasury said early on Tuesday (AEST).

It will severely limit Russia’s ability to defend the ruble and prop up its economy.

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