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Maximum Sanctions Against Russia Still Needed-Zelensky: Banking Sanctions Update for May 22-28, 2022

Ukrainian President Volodymyr Zelensky spoke at the 2022 World Economic Forum Monday, May 23, and advocated for “maximum” sanctions against Russia.

“This is what sanctions should be: They should be maximum, so that Russia and every other potential aggressor that wants to wage a brutal war against its neighbor would clearly know the immediate consequences of their actions,” Zelensky said, according to Marketwatch.

“I believe there are still no such sanctions against Russia," Zelensky said. "There should be a Russian oil embargo. Russian banks should be banned, no exception. There should be an abandonment of the Russian IT sector. There should not be any trade with Russia."

Zelensky pushed for the complete withdrawal of foreign companies from Russia to prevent supporting its war and said Ukraine needs funding — at least $5 billion per month.

According to Fortune, Zelensky also called for a fund and coalition that would serve as a global emergency hotline that any nation could call in times of emergencies. This proposal, he said, is an extension of United24, Ukraine’s official rebuilding fund.

“We propose to establish a global structure that can, within 24 hours, provide sufficient support to any country that has suffered or faced a military attack, a natural disaster, or a pandemic,” he said. “We offer a new format for security guarantees based on what we have faced, what we went through, and there must be something that sets a precedent for timely assistance to everyone who needs it to save lives, to save social stability, all the necessary elements for a normal economy. For example, something like a 911 service, there has to be a similar service that is called United24, which would guarantee that security on a global scale.”

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