iNDICA NEWS BUREAU-
As Russia is on the brink of instigating a global war, countries around the world have begun to pick sides and take precautionary steps.
Amidst this brewing global tension, the Indian-American economic advisor is at the forefront of the Biden administration trying to impose punitive sanctions on Russia over its actions against Ukraine.
Daleep Singh, who is a Deputy National Security Advisor in the Biden administration, is currently providing insights and is the lead in trying to impose sanctions on Russia.
Previously, he also worked under the Obama administration as a deputy assistant secretary of the Treasury for international affairs and acting Assistant Secretary of the Treasury for Financial Markets.
Through his dedication, he was then appointed as Deputy National Security Advisor at the National Security Council and deputy director of the National Economic Council.
Russian President Vladimir Putin on Monday, February 21, signed decrees to recognize 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.
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.
White House Press Secretary Jen Psaki said that he is back by popular demand given the key role Singh is playing in this Russian policy of the administration. 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 told reporters in his opening remarks.
“Second, 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.”
In lockstep with our allies, we’re fully blocked from the global financial system, the fifth largest Russian financial institution, VEB, is 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 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.
“And let me be totally clear, no Russian financial institution is safe if the invasion proceeds, 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.
“Third, together with our allies, we’ve also cut off the Russian government, the Russian Central Bank and Russian Sovereign Wealth Funds from new financing from the US and Europe. The Kremlin can no longer raise money from the US or Europe and its new debt can no longer trade on US, or European financial markets”, he said.
“Fourth, the US has fully sanctioned a group of Russian elites and their family members. These individuals share in the corrupt gains of the Kremlin and they will now share in the pain, Singh said. Other Russian elites and their family members are now on notice that additional actions could be taken on them as well”, he said.
Singh also wanted to be clear on the disruption of the market if the war is on. “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, he said. We were deliberate to direct the pain of our sanctions towards the Russian economy, not ours.”
Singh said this was the beginning of an invasion and this was the beginning of the American response. The actions we took today were only the first tranche. If Putin escalates further, we will escalate further using financial sanctions and export controls which we have yet to unveil, but which are fully prepared to implement with allies, he added.
Singh pursued his education at Duke University. There he earned a Bachelor of Arts degree in economics and public policy. He then accomplished a dual Master’s. One in Master of Business Administration and another in Master of Public Administration in international economics from the Massachusetts Institute of Technology and the Harvard Kennedy School.
