The US and other Group of Seven nations will impose new export controls and a fresh round of sanctions on Russia, a year after President Vladimir Putin invaded Ukraine, the White House said.
(Bloomberg) — The US and other Group of Seven nations will impose new export controls and a fresh round of sanctions on Russia, a year after President Vladimir Putin invaded Ukraine, the White House said.
The measures, to be announced on Friday, will single out Russia’s defense and energy industries, financial institutions and more than 200 people. At the same time, the US and its allies are expected to crack down on sanctions evasion and to put additional pressure on third countries to choose between the US and Russia.
“You will see as time goes on, the continued erosion of the quality and capacity of the Russian economy,” Biden’s National Security Advisor Jake Sullivan said on CNN Thursday night. Russia’s intention was to wipe Ukraine off the map, he said, but “they failed at doing that. And they are in no position to be able to do that as we go forward.”
Nearly 90 companies in Russia, China and other countries will be placed on the Commerce Department’s entity list for sanctions evasion, according to a White House statement. The listings are meant to prevent the targeted companies from buying semiconductors, software or other technologies manufactured in the the US or with American intellectual property.
Reports indicate that Russia has been vacuuming up consumer goods through third countries to help keep its equipment and weapons systems from breaking down.
Additional sanctions will target more than 200 individuals and entities in Russia and countries across Europe, Asia, and the Middle East. The G-7 is singling out a dozen Russian financial institutions, as well as Russian officials the Biden administration says are operating illegitimately in Ukraine, according to the statement.
The US and its allies will target Russia’s lucrative commodities sector with measures designed to limit Russia’s energy production capabilities while keeping markets stable. The US will also expand its sanctions on Russian metals and mining. And the Commerce Department will work with the G-7 to issue new restrictions to prevent Iranian drone components from being used in Ukraine.
Going forward, the US will place a renewed emphasis on enforcing the thousands of sanctions that have been levied on Russia since its annexed Crimea in 2014 and in the wake of the invasion of Ukraine that began on Feb. 24, 2022. To enhance those efforts, the G-7 is creating an “Enforcement Coordination Mechanism” which will be led by the US in its first year.
The US is also sending Ukraine another $2 billion in security assistance, which will include unmanned aerial systems, electronic warfare detection equipment, and ammunition for 155mm artillery systems and High Mobility Artillery Rocket Systems or HIMARS.
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