Russia to impose retaliatory sanctions on West

Moscow: Russia will impose retaliatory sanctions on Western nations on the basis of reciprocity, the Kremlin said on Friday.

Kremlin spokesman Dmitry Peskov said sanctions would cause problems for Russia but they would be solvable, as it had reduced its dependence on foreign imports.

He declined to comment on how long Russia’s invasion of Ukraine, which prompted the sanctions, would last and said questions about Ukrainian civilian deaths should be referred to the military.

US President Joe Biden hit Russia with a wave of sanctions on Thursday after Moscow invaded Ukraine, measures that impede Russia’s ability to do business in major currencies along with sanctions against banks and state-owned enterprises.

Biden described Russian President Vladimir Putin as an aggressor with a “sinister vision of the world” and a misguided dream of recreating the Soviet Union.

The sanctions are aimed at limiting Russia’s ability to do business in dollars, euros, pounds and yen. Among the targets were five major banks, including state-backed Sberbank and VTB, as well as members of the Russian elite and their families. Sberbank, Russia’s largest lender, will no longer be able to transfer money with the assistance of U.S. banks.

The White House also announced export restrictions aimed at curbing Russia’s access to everything from commercial electronics and computers to semiconductors and aircraft parts.