Daleep Singh, who is Deputy National Security Advisor for international economics and Deputy Director of the National Economic Council, made his second appearance in the White House Press Room in a matter of days.
Indian-American economic advisor Daleep Singh is leading the efforts of the Biden administration to impose punitive sanctions on Russia over its actions against Ukraine.
Singh, Deputy National Security Advisor for international economics and Deputy Director of the National Economic Council, made his second appearance in the White House Press Room in a matter of days.
White House Press Secretary Jen Psaki said that he is “back by popular demand” given the key role Singh is playing in this Russia policy of the administration.
Russian President Vladimir Putin on Monday signed decrees to recognise Ukraine’s regions of ‘Donetsk and Luhansk People’s Republics’ as ‘independent’, escalating the tension in the region and increasing fears of Moscow’s invasion of Ukraine.
In his opening remarks Singh said:“Russia’s long previewed invasion of Ukraine has begun and so too has our response. Today, the president (Joe Biden) responded swiftly and in lockstep with allies and partners. The speed and coordination were historic. It took weeks and months to mount a decisive response”.
Singh said that after consultations overnight with Germany, “Russia’s Nord Stream 2 natural gas pipeline will not become operational.
That is a USD 11 billion investment in a prized gas pipeline controlled by Russia that will now go to waste”.
“We’ve demonstrated the potency of our financial sanctions and make no mistake, this is only the sharp edge of the pain we can inflict”, he stressed.
“In lockstep with our allies, we have fully blocked from the global financial system, the fifth largest Russian financial institution, VEB, a glorified piggy bank for the Kremlin that holds more than USD 50 billion in assets. We’re also fully blocking Promsvyazbank, this is a bank that holds USD 35 billion in assets that finances the activities of the Russian military,” he told reporters.
Singh said that after consultations overnight with Germany, “Russia’s Nord Stream 2 natural gas pipeline will not become operational.
That is a USD 11 billion investment in a prized gas pipeline controlled by Russia that will now go to waste”.
Singh said that a full block means these banks can no longer make any transactions with the US nor with Europe as Europe matched US actions, and their assets in America’s respective financial systems will be frozen.
“We are ready to press a button to take action on the two largest Russian financial institutions, which collectively hold almost USD 750 billion in assets for more than half of the total in the Russian banking system,” Singh asserted.
Singh said: “None of our measures are designed to disrupt the flow of energy to global markets and we are now executing a plan in coordination with major oil producers, and major oil consumers to secure the stability of global energy supplies”.
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