Economy

Actions better than words, says Russian Federation after Trump offer

Actions better than words, says Russian Federation after Trump offer

US economic sanctions against Russian Federation are senseless, President Vladimir Putin said Wednesday, voicing hope that Washington will eventually agree to a constructive dialogue.

At the time of the sanctions in June, Mr Mnuchin said the U.S. was "engaged in an ongoing effort to counter malicious actors working at the behest of the Russian Federation and its military and intelligence units to increase Russia's offensive cyber capabilities".

"We think the direct impact of these new restrictions on the Russian economy will be modest as most of national security goods exports were already banned by the Obama administration", HSBC economist Artem Biryukov said.

The series of sanctions come despite an agreement between US President Donald Trump and North Korean leader Kim Jong-un at their historic summit in June to improve bilateral relations.

It described Office 39 as engaging in "illicit economic activities for (the) North Korean leadership". The Treasury Department also brought sanctions against "registered ship owners and managers of Russia-flagged merchant vessel Patriot" along with five other vessels, accusing it of having conducted "two ship-to-ship transfers of oil for the benefit of North Korea" in early 2018.

"The Treasury Department is disrupting Russian efforts to circumvent our sanctions", said Mnuchin.

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In a separate announcement on Tuesday, Treasury also sanctioned two Russian individuals and two entities it said were making attempts to get around existing USA sanctions.

"President Trump is the most active president on social media that there's ever been", the British foreign secretary said.

Mr Trump has slammed Russia's plan for a gas pipeline to Germany called Nord Stream 2, and some in Washington have called for sanctions to target the project, an idea Moscow calls unfair competition.

He went on to say that U.S. officials apparently follow the principle of "worse is better" as Washington's policy effectively impedes any efforts aimed at improving or even just normalizing bilateral relations between the two nations.

US-based tech giant Microsoft also accused Russian Federation of trying to launch cyber attacks on the US Senate.

The South Korean government will decide how to handle the issue through consultations with the U.S., a government official told reporters.


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