It seems that the United States of America, the European Union and their allies are determined to inflict more losses on the Russian economy and impose additional sanctions to drain Moscow financially.

In this regard, Japanese Finance Minister Shunichi Suzuki said Tuesday that Japan and the United States pledged to work together to make Russia "pay a heavy price" for its war on Ukraine.

In comments he made shortly after his online conversations with US Treasury Secretary Janet Yellen, Suzuki said the two sides agreed to continue coordinating with each other in working against Russia, which has waged war on neighboring Ukraine since Feb. 24.

He added that the Russian Central Bank's hike in interest rates reflects the impact of the sanctions imposed on Russia.

The US Treasury said - in a statement - after Yellen's call with Suzuki that the minister pledged to work closely with Japan and other G7 countries to isolate Russia from the global financial system and "impose maximum costs" on Moscow.

The Group of Seven finance ministers are scheduled to meet remotely today to discuss financial sanctions against Russia.

"Secretary Yellen highlighted the strength of the unprecedented and coordinated actions of the United States and its partners and allies, including Japan, and welcomed Japan's action against the Russian Central Bank and its intent to take action against Belarus," the Treasury said in a statement.


Economic war on Russia

In France, French Economy and Finance Minister Bruno Le Maire said - today, Tuesday - we will launch an economic war against Russia that will lead to the collapse of its economy.

He added that Western sanctions on Moscow over its war against Ukraine would push the Russian economy to collapse.

"We will push the Russian economy to collapse," Le Maire said in an interview with France Info. "The balance of economic and financial power is completely tilted in favor of the European Union, which is now discovering its economic strength."

The French presidency also announced yesterday, Monday, that the Europeans and their allies are ready to impose additional sanctions on Russia, after a video meeting that included the leaders of France, the United States, Britain, Canada, Germany, Italy, Japan, Poland and Romania, in addition to representatives of the European Union and NATO.

The French presidency considered that the measures discussed during the meeting will open the way for targeting additional banks, more oligarchs, and even the Russian sovereign fund.

"Other sanctions will be imposed, this is a priority," the presidency said, and this could be done "in the coming days" because "the urgent matter is to increase the cost of war for President (Vladimir) Putin."

And considered that the sanctions previously imposed "cause more pain than President Putin expected."

The presidency pointed out that targeting Russian interests has repercussions on European economies, "but given the seriousness of what (Russian President) Vladimir Putin is doing, the option of increasing the cost of war against him is clear and unambiguous."

She stressed that the aim was "to make him realize that the cost is too high and to change his position."

"We will impose the necessary sanctions to achieve this goal," the French presidency added.


The ruble is falling

In Monday's trading, the Russian ruble fell by about 30%, and fell to a record level of 120 rubles to the dollar, compared to 74-76 rubles before the launch of Russian military operations on Ukraine, amid expectations that Western sanctions will crush the country's economy.

Western allies have stepped up efforts to impose new sanctions on Russia, including blocking certain Russian banks from accessing the SWIFT system for global interbank payments, imposing restrictions on Moscow's ability to use $630 billion in foreign reserves, and closing airspace to Russian aircraft.

On the other hand, Kremlin spokesman Dmitry Peskov confirmed on Monday that Russia will succeed in bypassing the sanctions imposed on it by the West.

Yesterday, the Russian Central Bank raised the main interest rate sharply to 20%, a day after it announced a series of measures to support local markets, at a time when it is rushing to manage the repercussions of the widening scope of Western sanctions.

The bank raised the main interest rate from 9.5% to counter the risk of depreciation of the ruble and high inflation, and ordered companies to sell 80% of their foreign exchange earnings.

The New York Times reported that the collapse of the ruble had sent import prices higher, while sanctions against Russia's largest banks had caused chaos in the financial markets.

The newspaper reported that economists are warning of rising inflation, capital flight and slowing growth, at a time when credit rating agency Standard & Poor's has cut Russia's rating to "junk".