"The US is set to levy fresh sanctions against Russia and China on Friday, actions that include targeting Russia’s deployment of Iranian drones in Ukraine, alleged human-rights abuse by both nations and Beijing’s support of alleged illegal fishing in the Pacific, according to officials familiar with the matter," reported the Wall Street Journal (WSJ) on early Friday.
Key quotes
The bulk of the expected sanctions are to be imposed under the Global Magnitsky Act, named after a whistleblower who died in a Moscow jail after accusing officials of corruption.
The US, by using those powers to sanction high-profile government, military and business officials accused of human-rights abuses and corruption, says it aims to hold them accountable and deter others.
The sanctions will freeze any assets the targets have within U.S. jurisdiction, prevent their travel to the U.S. and prohibit business dealings with them.
For government and business officials, the actions can complicate their international travel and financing.
By cutting companies’ access to the world’s largest markets, the sanctions can roil their operations and in some cases force their dissolution.
China’s and Russia’s embassies in Washington didn’t immediately respond to requests for comment, but their officials in the past have repudiated US sanctions against their governments as provocations, meddling in sovereign affairs and legal overreach by the US.
Among the targets include officials allegedly responsible for Russia’s filtration camps for Ukrainians caught behind the front, where groups such as Human Rights Watch have alleged the military has tortured citizens and committed other war crimes.
Market reaction
The news weighs on the market’s sentiment and the risk barometer AUD/USD pair that retreats from the intraday high by the press time.
Also read: AUD/USD Price Analysis: Retreats from 0.6780-90 resistance region
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