Information Minister Hasan Mahmud said the relationship between Bangladesh and the United States remains excellent despite recent comment regarding US sanctions by PM Sheikh Hasina. “We have taken several positive decisions in recent times to enhance our relations with the United States,” he said,  while speaking at a press briefing in the Secretariat this afternoon.  Mahmud emphasized the government's desire to strengthen ties with the US. Also Read: PM strikes defiant tone in face of US pressure Highlighting the need to diversify trade opportunities, Mahmud mentioned that Bangladesh has not been able to increase trade with countries of South America. He also stressed the importance of expanding trade with the Middle East beyond labour export, given the increased purchasing power and awareness in the region. He also emphasized the trade potential in ASEAN countries and the Oceania region, citing the Prime Minister's interest in exploring these opportunities. Also Read: New visa policy to help PM Hasina's govt in holding fair elections: US “Prime Minister's remarks regarding the US visa policy were intended to alleviate concerns and ease tension for those worried about obtaining US visas,” he said. Earlier, Prime Minister Sheikh Hasina on Saturday said it doesn't matter at all if someone goes to the USA crossing the Atlantic Ocean on a 20-hour- plane journey. “There are other oceans and other continents in the world, we will make friends with those continents crossing the other oceans. Our economy will be stronger and more developed and vibrant,” she said firmly. Also Read: US govt’s new visa policy does not bother Bangladesh government: Shahriar Alam Hasan Mahmud also mentioned that Bangladesh's budget deficit stands at 5.2 percent, whereas in comparison, India's deficit is 5.9 percent, the United States' is 6 percent, and the United Kingdom's is 5.5 percent. He referred to the proposed budget for 2023-24 as "people-friendly and poor-friendly," stating that the government aims to increase the number of direct beneficiaries and the number of allowances provided. Also Read: People, not PM, to decide whether they go to USA or not: BNP He further said that around two crore people would directly receive various forms of government assistance, including financial aid. In addition, he announced that a list containing the names of individuals involved in arson attacks, as well as their instigators and financiers, would be disseminated to relevant authorities.  

Foreign Minister Dr AK Abdul Momen on Monday said there is no reason to impose sanctions afresh on Bangladesh and if that happens it will be very unfortunate. He said he does not have any idea on new sanctions as it depends on individual countries. “We hope (America's) good sense will prevail,” he said, adding that America is passing thousands of sanctions (on other countries)," Dr Momen told reporters at a media briefing at the Ministry of Foreign Affairs, adding that they (US) will not do these things. It was arranged to brief the media on Prime Minister Sheikh Hasina’s Qatar visit that begins on Monday afternoon. Ministry of Foreign Affairs Spokesperson Seheli Sabrin, among others, was present. It was very strange and surprising and no reference (source) is mentioned, Momen said regarding a media report that claimed that new sanctions are coming. The Daily Kalbela newspaper published the report titled "US Sanctions Coming, Government Remains Ready.” He referred to Agriculture Minister Dr Abdur Razzaque who also said there is no reason to impose new sanctions. On Sunday night, the Ministry of Foreign Affairs strongly protested and condemned part of a media report terming it "false, baseless" and it was done with an "ulterior motive." The Foreign Minister reiterated that he had never worked as a Chinese firm lobbyist before becoming a minister. Rather, he said, he stayed in the USA and worked there. "This is something very strange (media report)." Referring to the news published in the Daily Kalbela, the MoFA on Sunday night said in a part of the news, Foreign Minister Dr AK Abdul Momen was defamed. The report mentioned that Dr Momen worked as a lobbyist for a Chinese organization before becoming a minister. "It is completely false and baseless," MoFA said in a media release. Through such lies in the name of AK Abdul Momen, the image of the government has been tarnished along with his defamation, MoFA said. Prime Minister Sheikh Hasina recently said Bangladesh will not purchase anything from countries that impose sanctions against the country. A journalist wanted to know what actually provoked her to make this comment. In reply Dr Momen said politicians say many things that work as warnings as there are times when they see many issues. “We are a very proud nation with many achievements. We have the capacity to face challenges. We are a victorious nation. I think this is the message (she wanted to convey). We will not step back but we will face the challenges.” The US Embassy issued a “demonstration alert” ahead of the next general election and said the US citizens should practice vigilance and remember that demonstrations intended to be peaceful can turn confrontational and escalate into violence.   When FM Momen’s attention was drawn regarding the alert, he said this question should be asked to the US side. “Still there are still 7-8 months before the election. It is very strange. You ask them. Our law and order situation is very good. This is an amazing development we must say. They (law enforcement agencies) have done an excellent job,” Momen said.  The Foreign Minister said no one is getting killed on Bangladesh street and it will be relevant for the US to alert people regarding visits to US malls, schools or bars to remain careful there.  Also Read: PM Hasina: Bangladesh won't buy anything from those who impose sanctions against it

The U.S. and other Group of Seven nations rolled out a new wave of global sanctions against Russia over its invasion of Ukraine as they met Friday during a summit in Japan. The sanctions target hundreds of people and firms — including those helping Russia to evade existing sanctions and export controls. Some of the sanctions focus on additional sectors of Russia's economy, including architecture, construction and transportation. After 15 months of war, the allied nations are still aiming at new targets for financial penalties that block, freeze and seize access to international funds. Treasury Secretary Janet Yellen said the newest sanctions will tighten the grip on Russian President Vladimir Putin's "ability to wage his barbaric invasion and will advance our global efforts to cut off Russian attempts to evade sanctions." Also Read: Ukraine’s Zelenskyy at center of last day of high-level diplomacy as G7 looks to punish Russia But there are limits to how much impact they can have. A look at the sanctions dynamics: WHAT'S IN THE NEWEST ROUND? The U.K imposed sanctions on 86 people and companies, including parties connected to the theft and resale of Ukrainian grain. It also banned the import of diamonds from Russia. The European Union, too, plans to restrict trade in Russian diamonds. The U.S. hit individuals and organizations across 20 countries, focusing on people and firms helping the Kremlin evade existing sanctions to procure technology. The Commerce Department added 71 firms to its list, and the State Department put 200 people, firms and vessels on its blocked list. Also Read: Ukrainian president meets with world leaders at G7 as Russia claims a key victory in the war Additionally, new U.S. reporting requirements were issued for people and firms that have any interest in Russian Central Bank assets. The purpose is to "fully map holdings of Russia's sovereign assets that will remain immobilized in G7 jurisdictions until Russia pays for the damage it has caused to Ukraine," the Treasury Department said. HOW EFFECTIVE HAVE THE SANCTIONS BEEN SO FAR? While the U.S. and other G7 nations have turned Russia into the most sanctioned country in the world, some foreign policy experts question the effectiveness of the financial penalties and point to Russia's maneuvers to evade them and press its war effort. Maria Snegovaya, a senior fellow at the Center for Strategic and International Studies, said Russia has demonstrated "a remarkable degree of adaptability to Western sanctions." She added that the war is "relatively cheap" for Russia to prosecute, amounting to up to an estimated 5% of GDP. Also Read: Ukraine says troops still engaging Russian forces in Bakhmut after Moscow announces victory in city "That is easily manageable for Russia in the next couple of years at least, and the cumulative effect of sanctions is just not strong enough to radically alter that," she said. U.S. officials defend the effectiveness of the sanctions, and argue that they are not designed to work immediately. Along with imposing individual sanctions, the U.S. and allies have frozen Russian Central Bank funds, restricted Russian banks' access to SWIFT — the dominant system for global financial transactions — and imposed a $60-per-barrel price cap on Russian oil and diesel. The Treasury Department on Friday in a new progress report said the price cap has been successful in suppressing Russian oil revenues. It cited Russian Ministry of Finance data showing that the Kremlin's oil revenues from January to March of this year were more than 40% lower than in the same period last year. "Despite widespread initial market skepticism around the price cap, market participants and geopolitical analysts have now acknowledged that the price cap is accomplishing both of its goals," the Treasury Department report. WHY ARE THE US AND ITS ALLIES STILL FINDING NEW TARGETS? Treasury officials say that as sanctions are imposed, Russian intelligence keeps looking for ways to get around them, requiring constant adjustments. Newer sanction efforts have been dedicated to the evaders and the "facilitators" of evasion, who help Russia acquire supplies and technology. "We know the Kremlin is actively seeking ways to circumvent these sanctions," Treasury Deputy Secretary Wally Adeyemo said earlier this year. "One of the ways we know our sanctions are working is the Kremlin has tasked its intelligence services, such as the FSB and GRU, to find ways to get around them." Among other things, U.S. officials say, Moscow has turned to North Korea and Iran to resupply the Russian military with drones and surface-to-surface missiles. WHAT MORE IS THERE TO SANCTION? Treasury officials say future targets could include newly identified firms and people connected to supply chains that help Russia gain materials for the war, front companies that help Russia evade sanctions and rogue actors from North Korea and Iran. For the past month, Treasury officials Brian Nelson and Liz Rosenberg have traveled across Europe and Central Asia to press countries that do business with the Kremlin to cut off financial ties because of the war on Ukraine. They are also increasingly sharing intelligence between countries and firms to spot evasion. There are also calls for the U.S. and allies to confiscate and transfer Russia's central bank funds to Ukraine for the war effort. "The G7 countries must sustain and augment their efforts, including by confiscating frozen reserves of the Central Bank of Russia to help fund Ukraine's reconstruction," said Jeffrey J. Schott, a senior fellow at the Peterson Institute for International Economics.

The European Union agreed Saturday to impose new sanctions on Russia over its invasion of Ukraine targeting more officials and organizations accused of supporting the war, spreading propaganda or supplying drones, as well as restricting trade on products that could be used by the armed forces. The EU’s Swedish presidency said the sanctions "are directed at military and political decision-makers, companies supporting or working within the Russian military industry, and commanders in the Wagner Group. Transactions with some of Russia’s largest banks are also prohibited.” Asset freezes were slapped on three more Russian banks and seven Iranian “entities” — companies, agencies, political parties or other organizations — that manufacture military drones, which the EU suspects have been used by Russia during the war. The new measures, proposed by the EU’s executive branch three weeks ago, were only adopted after much internal wrangling over their exact make-up, and made public one day after the first anniversary of Russia’s invasion of Ukraine — the intended target date. The delay, which was minor but symbolically important, is yet more evidence of how difficult it has become for the 27-nation bloc to identify new targets for restrictive measures that are acceptable to all member nations. Read More: Nearly 1 million asylum requests in the EU in 2022 The sanctions are meant to undermine Russia’s economy and drain funds for its war effort, but they are also increasingly inflicting pain on European economies already hit by high inflation and energy prices and still suffering from the effects of the COVID-19 pandemic. Before this latest round of measures, the EU had already targeted almost 1,400 Russian officials, including President Vladimir Putin, government ministers, lawmakers and oligarchs believed loyal to the Kremlin, but also officers believed responsible for war crimes or targeting civilian infrastructure. The bloc had also frozen the assets of more than 170 organizations, ranging from political parties and paramilitary groups to banks, private companies and media outlets accused of spreading pro-Kremlin propaganda. Russia’s energy sector was hit, too — notably oil and coal — and the bloc, through its own measures and political decisions combined with retaliation from Moscow, was rapidly weaned off its dependence on Russian natural gas. Ukrainian President Volodymyr Zelenskyy welcomed the new package in his nightly address on Saturday. “Sanctions will continue to be introduced so that nothing remains of the potential of Russian aggression,” he said. “There are new sanctions steps in the 10th package, powerful ones, against the defense industry and the financial sector of the terrorist state and against the propagandists who drowned Russian society in lies and are trying to spread their lies onto the whole world,” Zelenskyy said.

The government of Canada imposed another round of sanctions against Russia’s oil and gas sector and chemical industry, according to the Canadian foreign ministry’s website. "On July 14, 2022, Canada further amended the Special Economic Measures (Russia) Regulations to prohibit the provision of 2 manufacturing services to the Russian oil, gas, chemical and manufacturing industries," the document says, adding that Canada targeted the manufacturing sector by adding 8 new industries to the list. According to the document, Canadian citizens and companies are prohibited from providing a number of services to the Russian side, including services incidental to manufacturing of fabricated metal products; motor vehicles, trailers and semi-trailers; computer, electronic and optical products; electrical equipment and other sectors. Minister Counselor at the Russian Embassy in Canada Vladimir Proskuryakov told TASS the sanctions were counter-productive and would entail negative effects for Canada as well. "We believe that a yet another round of sanctions is totally groundless and counter-productive. As we have repeatedly warned, all economic sanctions are a double-edged sword and will certainly boomerang on Canada," the diplomat said. Read: Russia slams sanctions, seeks to blame West for food crisis Canadian Foreign Minister Melanie Joly announced those measures on Saturday. She said that once the measures are in effect, Canadian businesses will have 60 days to conclude contracts with targeted industries and services. On February 24, Russian President Vladimir Putin launched a special military operation following a request for help from the leaders of the Donbass republics. He stressed that Moscow's plans did not include an occupation of Ukrainian territories, its goals being the demilitarization and denazification of the country. In response, the West began to gradually introduce sweeping sanctions against Moscow and to supply weapons and military equipment to Kiev estimated at billions of dollars.

European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support. The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline, a move that was crucial to bring landlocked Hungary on board a decision that required consensus. EU Council President Charles Michel said the agreement covers more than two-thirds of oil imports from Russia. Ursula Von der Leyen, the head of the EU's executive branch, said the punitive move will “effectively cut around 90% of oil imports from Russia to the EU by the end of the year.” Michel said leaders also agreed to provide Ukraine with a 9 billion-euro ($9.7 billion) tranche of assistance to support the war-torn country's economy. It was unclear whether the money would come in grants or loans. Mikhail Ulyanov, Russia’s permanent representative to international organizations in Vienna, responded to the EU’s decision on Twitter, saying: “As she rightly said yesterday, Russia will find other importers.” The new package of sanctions will also include an asset freeze and travel ban on individuals, while Russia’s biggest bank, Sberbank, will be excluded from SWIFT, the major global system for financial transfers from which the EU previously banned several smaller Russian banks. Three big Russian state-owned broadcasters will be prevented from distributing their content in the EU. Also read: Russians, Ukrainians fight block by block in eastern city “We want to stop Russia's war machine," Michel said, lauding what he called a “remarkable achievement." “More than ever it’s important to show that we are able to be strong, that we are able to be firm, that we are able to be tough,” he added. Michel said the new sanctions, which needed the support of all 27 member countries, will be legally endorsed by Wednesday. The EU had already imposed five previous rounds of sanctions on Russia over its war. It has targeted more than 1,000 people individually, including Russian President Vladimir Putin and top government officials as well as pro-Kremlin oligarchs, banks, the coal sector and more. But the sixth package of measures announced May 4 had been held up by concerns over oil supplies. The impasse embarrassed the bloc, which was forced to scale down its ambitions to break Hungary's resistance. When European Commission President Ursula von der Leyen proposed the package, the initial aim was to phase out imports of crude oil within six months and refined products by the end of the year. Both Michel and von der Leyen said leaders will soon return to the issue, seeking to guarantee that Russia’s pipeline oil exports to the EU are banned at a later date. Hungarian Prime minister Viktor Orban had made clear he could support the new sanctions only if his country’s oil supply security was guaranteed. Hungary gets more than 60% of its oil from Russia and depends on crude that comes through the Soviet-era Druzhba pipeline. Von der Leyen had played down the chances of a breakthrough at the summit. But leaders reached a compromise after Ukrainian President Volodymyr Zelenskyy urged them to end “internal arguments that only prompt Russia to put more and more pressure on the whole of Europe.” The EU gets about 40% of its natural gas and 25% of its oil from Russia, and divisions over the issue exposed the limits of the 27-nation trading bloc’s ambitions. In his 10-minute video address, Zelenskyy told leaders to end “internal arguments that only prompt Russia to put more and more pressure on the whole of Europe.” He said the sanctions package must “be agreed on, it needs to be effective, including (on) oil,” so that Moscow “feels the price for what it is doing against Ukraine" and the rest of Europe. Only then, Zelenskyy said, will Russia be forced to “start seeking peace.” Also read: Russia takes small cities, aims to widen east Ukraine battle It was not the first time he had demanded that the EU target Russia’s lucrative energy sector and deprive Moscow of billions of dollars each day in supply payments. But Hungary led a group of EU countries worried over the impact of the oil ban on their economy, including Slovakia, the Czech Republic and Bulgaria. Hungary relies heavily on Russia for energy and can't afford to turn off the pumps. In addition to its need for Russian oil, Hungary gets 85% of its natural gas from Russia. Orban had been adamant on arriving at the summit in Brussels that a deal was not in sight, stressing that Hungary needed its energy supply secured. Von der Leyen and Michel said the commitment by Germany and Poland to phase out Russian oil by the end of the year and to forgo oil from the northern part of the Druzhba pipeline will help cut 90% of Russian oil imports. The issue of food security will be on the table Tuesday, with the leaders set to encourage their governments to speed up work on “solidarity lanes” to help Ukraine export grain and other produce.

The European Union's leader on Wednesday called on the 27-nation bloc to ban oil imports from Russia in a sixth package of sanctions targeting Moscow for its war in Ukraine. European Commission President Ursula von der Leyen also proposed that Sberbank, Russia’s largest bank, and two other major banks be disconnected from the SWIFT international banking payment system. Also read: EU energy ministers meet to discuss Russian gas, sanctions Von der Leyen, addressing the European Parliament in Strasbourg, France, called on the EU's member nations to phase out imports of crude oil within six months and refined products by the end of the year. “We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets,” von der Leyen said. Also read: Japan, Switzerland agree to keep tough sanctions on Russia The proposals need to be unanimously approved to take effect and are likely to be the subject of fierce debate. Von der Leyen conceded that getting all 27 member countries — some of them landlocked and highly dependent on Russia for energy supplies — to agree on oil sanctions “will not be easy.”

The Biden administration ordered new sanctions blocking Russian business oligarchs and others in President Vladimir Putin’s inner circle on Thursday in response to Russian forces' fierce pummeling of Ukraine. President Joe Biden and Ukrainian President Volodymyr Zelenskyy spoke late Thursday as Russian forces shelled Europe’s largest nuclear plant, in the eastern Ukraine city of Enerhodar. The assault sparked a fire and raised fears that radiation could leak from the damaged power station. The White House said Biden joined Zelenskyy in urging Russia to “cease its military activities in the area and allow firefighters and emergency responders to access the site.” Those targeted by the new U.S. sanctions include Putin's press secretary, Dmitry Peskov, and Alisher Burhanovich Usmanov, one of Russia’s wealthiest individuals and a close ally of Putin. The U.S. State Department also announced it was imposing visa bans on 19 Russian oligarchs and dozens of their family members and close associates. "The goal was to maximize impact on Putin and Russia and minimize the harm on us and our allies and friends around the world,” Biden said as he noted the new sanctions at the start of a meeting with his Cabinet and Vice President Kamala Harris. Also read: Russia takes aim at urban areas; Biden vows Putin will 'pay' The White House said the oligarchs and dozens of their family members will be cut off from the U.S. financial system. Their assets in the United States will be frozen and their property will be blocked from use. The White House described Peskov, the Kremlin spokesman, as ”a top purveyor of Putin’s propaganda.” The property of Usmanov and the others will be blocked from use in the United States and by Americans. His assets include his superyacht, one of the world’s largest, and his private jet, one of Russia’s largest privately owned aircraft. The Usmanov superyacht, known as Dilbar, is named after Usmanov’s mother and has an estimated worth of between $600 million and $735 million, according to Treasury. Dilbar has two helipads and one of the world’s largest indoor pools ever installed on a yacht, and costs about $60 million per year to operate. The jet targeted is believed to have cost between $350 million and $500 million and was previously leased out for use by Uzbekistan’s president. Others targeted Thursday include Nikolai Tokarev, a Transneft oil executive; Arkady Rotenberg, co-owner of the largest construction company for gas pipelines and electrical power supply lines in Russia; Sergei Chemezov, a former KGB agent who has long been close to Putin; Igor Shuvalov, a former first deputy prime minister and chairman of State Development Corp.; and Yevgeniy Prigozhin, a Russian businessman with close ties to Putin. Also read: Biden joins allies, bans Russian planes from US airspace Prigozhin, who is known as “Putin's chef,” was among those charged in 2018 by the U.S. government as being part of a wide-ranging effort to sway political opinion in America during the 2016 presidential election. According to the indictment then, Prigozhin and his companies provided significant funding to the Internet Research Agency, a St. Petersburg-based group accused of using bogus social media postings and advertisements fraudulently purchased in the name of Americans to influence the White House race. Deputy U.S. Treasury Secretary Wally Adeyemo said Thursday that the Biden administration would continue to target Russian elites as it builds sanctions against the country. He said elites are already "attempting to get their money out of Russia, because the Russian economy is shrinking.” “We’re going to make it hard for them to use the assets going forward," Adeyemo said at an event hosted by The Washington Post. He added, “Our goal then is to find that money and to freeze that money and to seize it.” The Biden administration has been unveiling new sanctions targeting Russian individuals and entities daily since the start of last week's invasion, with officials saying they want to make certain Putin's decision to attack Ukraine will come with enormous cost to Russia's economy. A notable aspect of the latest sanctions is the extent to which the U.S. penalized the family members of oligarchs and those closest to Putin. Recently passed anti-money-laundering legislation passed by Congress has helped Treasury unveil and target such people. For example, the oil executive Tokarev’s family members — including his wife, Galina Tokareva, and daughter, Maiya Tokareva — have benefited from his proximity to Putin and Russian government and were hit by the sanctions. Maiya Tokareva’s real estate empire has been valued at more than $50 million in Moscow, according to Treasury. Russian elites that have yet to be targeted by the U.S. or other Western countries have taken notice of the sanctions. Faced with the threat of financial sanctions targeting Russians, Chelsea owner Roman Abramovich announced Wednesday he is trying to sell the Premier League soccer club that became a trophy-winning machine thanks to his lavish investment. Abramovich made his fortune in oil and aluminum during the chaotic years that followed the collapse of the Soviet Union in 1991. Biden had thus far been reluctant to hit the Russia energy sector with sanctions out of concern that it would hurt the U.S. and its allies as well as the Russians. White House press secretary Jen Psaki said, “We don’t have a strategic interest in reducing the global supply of energy.”

European Union leaders are putting on a united front after a six-hour meeting during which they agreed on a second package of economic and financial sanctions on Russia. The EU Council president accuses Russia of using “fake pretexts and bad excuses” for justifying its invasion of Ukraine and says sanctions will hurt the government. Also read: ‘Thugs and bullies’: Nations sanction Russia over Ukraine The legal texts for the sanctions agreed on are expected to be finalized overnight and be submitted for approval to EU foreign affairs ministers Friday. EU Commission president Ursula von der Leyen says the package includes targeting 70% of the Russian banking market and key state-owned companies. She says Russia’s energy sector also will be targeted “by making it impossible for Russia to upgrade its refineries.” And there will be a ban on sales of software, semiconductors and airliners to Russia. Also read: G-7 warns Russia of economic sanctions if it invades Ukraine

World leaders sought Wednesday to back up their tough words over Russia's aggression against Ukraine, announcing financial sanctions, trade and travel bans and other measures meant to pressure Moscow to pull back from the brink of war. Even as they ramped up penalties, however, nations in Asia and the Pacific also prepared for the possibility of both economic pain, in the form of cuts to traditional energy and grain supply lines, and retaliation from Russian cyberattacks. “We can’t have some suggestion that Russia has some just case here that they’re prosecuting. They’re behaving like thugs and bullies, and they should be called out as thugs and bullies,” Australian Prime Minister Scott Morrison said while announcing targeted financial sanctions and travel bans as a first step in response to Russian aggression toward Ukraine. The possibility of imminent war in Ukraine has raised fears not only of massive casualties but of widespread energy shortages and global economic chaos. The punitive actions in Asia followed sanctions levied by U.S. President Joe Biden and European leaders against Russian oligarchs and banks in response to Russia massing 150,000 troops on three sides of Ukraine. While the larger army has yet to move, Russian forces have rolled into rebel-held portions of eastern Ukraine after Russian President Vladimir Putin recognized those areas’ independence. In Japan, Prime Minister Fumio Kishida announced sanctions targeting Russia and the two separatist Ukrainian regions. Read:Russia evacuating embassy in Ukraine as crisis escalates Kishida told reporters that Tokyo will ban any new issuance and distribution of Russian government bonds in Japan because of “a series of actions Russia has been taking in Ukraine.” Kishida said Japan will also stop issuing visas to people linked to the two Ukrainian rebel regions and will freeze their assets in Japan. Tokyo will also ban trade with the two areas. He said Japanese officials are finalizing further details and added that Japan could increase sanctions if the situation worsens. Japan opened a temporary office in Lviv, in western Ukraine, to help evacuate about 120 Japanese citizens, and has arranged chartered flights in nearby countries, Kishida said. Officials in South Korea, which relies on imports to meet nearly all fossil fuel demand, held emergency meetings Wednesday to weigh how seriously events in Ukraine would hurt their country’s economy. The fallout has so far been limited, but First Vice Finance Minister Lee Eog-weon said things could worsen if the situation in Ukraine escalates and there's a "disruption of energy supply chains and an increase in market volatility.” While South Korea relies heavily on imports from Russia and Ukraine for wheat and corn, Lee said the country has enough reserves to last until June or July. The Ministry of Trade, Industry and Energy also discussed ways to secure alternative energy supplies in case the Ukraine crisis disrupts the current methods. U.S. officials have said an invasion is all but inevitable. U.S. Secretary of State Antony Blinken canceled plans for a Thursday meeting in Geneva with his Russian counterpart, saying it would not be productive and that Russia’s actions indicated Moscow was not serious about a peaceful path to resolving the crisis. More than two dozen European Union members unanimously agreed to levy their own initial set of sanctions against Russian officials. Germany also said it was halting the process of certifying the Nord Stream 2 gas pipeline from Russia — a lucrative deal long sought by Moscow but criticized by the United States for increasing Europe’s reliance on Russian energy. The United States moved to cut off Russia’s government from Western finance, sanctioning two of its banks and blocking it from trading its debt on American and European markets. The Biden administration’s actions hit civilian leaders in Russia’s leadership hierarchy and two Russian banks considered especially close to the Kremlin and Russia’s military, with more than $80 billion in assets. That includes freezing all of those banks’ assets under U.S. jurisdictions. Australia's cabinet Wednesday approved sanctions and travel bans that target eight members of the Russian Security Council, and agreed to align with the United States and Britain by targeting two Russian banks. "It’s important that we play our part in the broader international community to ensure that those who are financing, profiting from an autocratic and authoritarian regime that is invading its neighbor should have nowhere to run and nowhere to hide when it comes to trying to move their money around,” said Morrison, the prime minister. Read: Ukraine's economy is another victim of Russia's 'hybrid war' Australia also warned businesses to prepare for retaliation through Russian cyberattacks. There was a dissenting voice amid Asia’s general tendency to back U.S.-style sanctions, as Chinese Foreign Ministry spokesperson Hua Chunying said Beijing is opposed to new unilateral sanctions imposed on Russia. “On the Ukraine issue, unlike the U.S., which keeps sending weapons to Ukraine, creating fear and panic and even playing up the threat of war, China has been calling on all parties to respect and pay attention to each other’s legitimate security concerns, work together to solve problems through negotiations and consultations, and maintain regional peace and stability,” Hua said at a daily briefing. Hua did not mention Russia’s huge deployment of troops on the Ukrainian border or efforts by the United States, France and others to engage Russia diplomatically. In New Zealand, Russian Ambassador Georgii Zuev was summoned to meet with top diplomatic officials and “to hear New Zealand’s strong opposition to the actions taken by Russia in recent days,” said Foreign Affairs Minister Nanaia Mahuta in a statement. Mahuta is currently traveling abroad. At the United Nations, Secretary-General Antonio Guterres said the world is facing “the biggest global peace and security crisis in recent years.” He called Russia’s declaration of the “so-called `independence’” of separatist areas in eastern Ukraine a violation of its territorial integrity and accused Moscow of “the perversion of the concept of peacekeeping.” He urged the international community to rally “to save the people of Ukraine and beyond from the scourge of war” without further bloodshed. In Washington, lawmakers from both parties in Congress displayed a largely unified front backing an independent Ukraine and vowing continued U.S. support, even as some pushed for swifter and even more severe sanctions on Russia. On Tuesday, members of Russia’s upper house, the Federation Council, voted unanimously to allow Putin to use military force outside the country — effectively formalizing a Russian military deployment to the rebel regions, where an eight-year conflict has killed nearly 14,000 people.