‘Sweeping new authority’: What it means to sanction Russia’s sovereign debt

This week, the Biden administration rolled out the latest round of U.S. sanctions against Russia, slapping Moscow (yet again) with a series of targeted measures to punish the Kremlin for alleged election meddling, hacking, and military aggression. The U.S. Treasury Department identified a few dozen persons and entities, freezing any of their assets in the United States and banning Americans from doing business with them. Russia soon followed suit with its own set of countersanctions, while simultaneously launching an effort to liquidate Alexey Navalny’s nationwide anti-corruption apparatus.

Acknowledging the diplomatic significance of these decisions, arguably the most important aspect of these new measures is the expansion of U.S. restrictions on the market for Russian sovereign debt. To find out exactly how American sanctions can affect Russia’s macroeconomic financial flows, “The Naked Pravda” turned to Maximilian Hess, a political risk expert and a fellow at the Foreign Policy Research Institute, and Dr. Maria Shagina, a postdoctoral fellow at the Center for Eastern European Studies at the University of Zurich and a member of the Geneva International Sanctions Network at the Graduate Institute.

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