Arab Press

بالشعب و للشعب
Wednesday, Mar 11, 2026

U.S. officials circle globe to keep pressure on Putin as ruble rises

U.S. officials circle globe to keep pressure on Putin as ruble rises

Senior U.S. officials fanned out this week to press world leaders to keep piling pressure on Moscow or join the campaign of sanctions and other measures, as the war in Ukraine enters its fifth week and the initial economic shock to Russia seems to be ebbing.

Deputy Treasury Secretary Wally Adeyemo met with senior officials in London, Brussels and Paris, and will finish the week in Berlin; the deputy national security adviser for international economics, Daleep Singh, pressed Indian officials in New Delhi, and Secretary of State Antony Blinken discussed the Ukraine war with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan in Morocco.

The effort comes as the initial impact of unexpectedly tough sanctions on Russian banks, oligarchs and companies begins to wear off somewhat, and the United States considers its next economic steps to isolate Russian President Vladimir Putin.

Within days of cutting off key Russian banks from the international SWIFT financial transactions network and immobilizing the bulk of the Russian central bank's $630 billion foreign exchange war chest, the rouble lost half its value, prompting U.S. officials to declare that Moscow was battling a financial crisis.

But a month later, the rouble has largely recovered to its level just before the invasion, propped up partly by Russian capital controls, government orders for export firms to sell foreign currency and companies gathering funds to make quarter-end tax payments. Shares on Russia's stock market are trading again, although they have dropped in value.

Russian bank VTB (VTBR.MM), a principal sanctions target, remains open for business in Europe, where it has gathered billions of euros in deposits, mainly from German savers. Other Russian banks are considering China's UnionPay credit card system after Visa and Mastercard suspended Russian operations.

And the sanctions thus far have left Russia's biggest economic lifeline untouched - energy sales to Europe, which could be up to 500 million euros ($555 million) a day at current prices. Russia is demanding payments in roubles for gas starting on Friday, which could boost the currency further.

The Biden administration is making sure European allies are firmly aligned on punishing Putin, while working to sway leaders who have sat on the sidelines as the war stretches on, officials say.

"We've got to continue to raise pressure on Russia and increase our support for Ukraine," one senior U.S. official said, speaking on condition of anonymity. "This is a challenge that is facing the free world and all democratic nations. And we need to be prepared for it to last a long time."

COUNTERING CHINA, WARNING INDIA


The visits follow closely on the heels of Biden's visit to Europe last week and come as Russia and China - the world's second largest economy - draw ever closer together. Chinese Foreign Minister Wang Yi met his Russian counterpart Sergei Lavrov on Wednesday, reaffirming Beijing's plans to continue bilateral ties and boost cooperation.

Deputy Treasury Secretary Adeyemo's discussions with his European counterparts centered on sanctions, the impact of India and China on Russia's potential sanctions evasion efforts, and how to help countries like Germany cover their energy needs in the event of a Russian embargo, said one European official.

In Brussels, officials discussed steps to "align sanctions implementation and enforcement, expand joint cooperation on sanctions, and further deepen the transatlantic sanctions alliance," Treasury said.

One key issue was Russia's demand that foreign buyers pay for their Russian gas imports in roubles starting Friday or face supply cutoffs, the European official said. European capitals have rejected the demand, and the German government said it amounted to "blackmail."

It is imperative the United States keep tending its relationships with allies, said Catherine Novelli, a former senior U.S. trade official and diplomat, underscoring the difficulty to maintaining the momentum of sanctions and other punitive measures after the initial outrage wanes.

In India, White House economic adviser Singh, who led efforts to coordinate the Western response to the war, told officials Washington would not set any red lines about purchasing oil, but warned against rapid acceleration of purchases.

India has a military dependence on Russian technology and hardware and has tried to balance its long-standing ties with Russia and the West. Unlike other members of the Quad group of countries - the United States, Japan, Australia - it has not imposed sanctions on Russia.

Singh spoke ahead of Russian Foreign Minister Lavrov's arrival in the Indian capital for a two-day trip.

($1 = 0.9034 euro)

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Aramco Warns Global Oil Market Faces ‘Catastrophic’ Shock if Strait of Hormuz Remains Closed
Iran Launches Drone and Missile Attacks Across Gulf Targets Including Saudi Arabia, Kuwait and Bahrain
Saudi Arabia Elevates Fahad Al-Saif as Vision 2030 Enters Crucial Implementation Phase
Saudi Aramco Expands Routes to Move Oil Without Reliance on the Strait of Hormuz
Saudi Arabia and Pakistan Reaffirm Mutual Defense Cooperation Following Iran Strike
Saudi Arabia Plans Major Ukrainian Arms Deal to Counter Iranian Drone Threat
Pentagon Signals Intensification of U.S. Air Campaign as Iran Conflict Escalates
U.S. Senator Lindsey Graham Raises Prospect of Mutual Defense Pact With Saudi Arabia Amid Iran Conflict
Why Saudi Arabia Is Unlikely to Have Wanted U.S. Airstrikes on Iran
Saudi Arabia’s Red Sea Oil Exports Set to Reach Record High as Gulf Routes Face Disruption
Saudi Arabia Pushes East–West Oil Pipeline Toward Full Capacity as Hormuz Crisis Disrupts Global Energy Flows
Oil Prices Retreat From Peak as G7 Weighs Release of Strategic Reserves
Pentagon Identifies U.S. Soldier Who Died After Iranian Strike on Saudi Air Base
Why Saudi Arabia’s $50 Billion ‘The Line’ Megacity Slowed — and How Artificial Intelligence Is Reshaping the Plan
United States Withdraws Diplomatic Staff from Saudi Arabia and Southeast Turkey as Regional Conflict Escalates
Fanatics Moves Tom Brady Flag Football Showcase from Saudi Arabia to Los Angeles Amid Regional War
Saudi Arabia Seeks Strategic Support from Pakistan After Iranian Missile and Drone Attacks
Saudi Arabia Begins Oil Output Cuts as Hormuz Disruption Forces Storage Limits
Saudi Arabia Travel Advisory Tightened as Middle East War Triggers Regional Security Alerts
Saudi Arabia Warns Iran It Will Be ‘Biggest Loser’ as Drone Strikes Spread Across Gulf States
Lindsey Graham Urges Saudi Arabia to Join US Effort Against Iran as War Expands
Saudi Crown Prince Holds Strategic Calls With Spanish and Ukrainian Leaders Amid Regional Tensions
Kuwait’s Jazeera Airways Shifts Operations to Saudi Arabia Amid Regional Airspace Disruptions
Saudi Arabian Grand Prix: Why Jeddah’s Night Race Has Become One of Formula One’s Most Distinctive Events
F1 Leadership Addresses Bahrain and Saudi Arabia Races as Middle East Conflict Raises Safety Concerns
Zelenskyy Offers Saudi Crown Prince Assistance to Counter Iranian Drone Threat
Seventh U.S. Service Member Dies from Injuries After Iranian Strike in Saudi Arabia
Civilian Infrastructure Increasingly Hit as Iran Conflict Expands and Saudi Arabia Reports First Fatalities
Saudi Arabia Warns Iran to Halt Attacks and Signals Potential Retaliation
US Embassy in Riyadh Issues Security Alert Urging Americans to Shelter in Place Amid Regional Attacks
Projectile Strike on Saudi Residential Building Kills Two as Regional Conflict Expands
Saudi Arabia Warns Iran While Expanding Diplomatic Efforts to Contain Widening Middle East War
Iran’s President Rejects U.S. Surrender Demand as Drone and Missile Strikes Hit Gulf States
Saudi Arabia Intercepts Drone Swarm Targeting Strategic Shaybah Oil Field
Pakistan Faces Growing Pressure to Balance Ties With Iran and Saudi Arabia as Regional War Intensifies
Middle East Conflict Tests Mohammed bin Salman’s Vision to Transform Saudi Arabia Into a Global Hub
Proposed U.S.–Saudi Nuclear Deal Could Ease Traditional Nonproliferation Requirements
Iran Claims Strike on U.S.-Linked Oil Tanker Near Saudi Waters as Maritime Tensions Escalate
Saudi Arabia Says Air Defences Destroyed 23 Drones and Three Missiles Amid Escalating Regional Conflict
Saudi Arabia Warns Iran Against ‘Miscalculation’ After Missile and Drone Attacks Across Gulf
Iranian Missiles Intercepted Across Gulf as Air Defences Activate in Saudi Arabia, Qatar, UAE and Bahrain
U.S. Justice Department Pursues Criminal Cases Against Cuban Officials in New Legal Push
Abrupt Cancellation of U.S. Army Exercise Sparks Speculation Over Possible Middle East Deployment
Saudi Arabia Led OPEC Output Surge Ahead of Iran Strikes, Survey Finds
Cristiano Ronaldo Travels to Spain for Hamstring Treatment After Injury in Saudi Pro League Match
Saudi Aramco Reroutes Oil to Red Sea as Strait of Hormuz Disruptions Hit Gulf Exports
Saudi Arabia Presses Ahead With Economic Diversification Despite Fiscal and External Deficits
Middle East Conflict Puts Bahrain and Saudi Arabian Formula One Races at Risk
Iran Targets Israeli Diplomatic Site in Bahrain and US Air Base in Qatar as Regional Conflict Expands
Saudi Arabia Intercepts Three Ballistic Missiles Targeting Prince Sultan Air Base
×