The White House on Friday announced tougher sanctions designed to hit Russia’s economy hard for its invasion of Ukraine, which began just a year ago, and to curtail Moscow’s access to sensitive technologies like semiconductors.
The sanctions, which target sectors like banking and the defense industry, will affect “more than 200 individuals and entities, including Russian and third-country actors across Europe, Asia and the Middle East supporting Russia’s war effort,” the White House said.
The new sanctions – which come on top of multiple previous measures imposed over the past 12 months – will target “a dozen Russian financial institutions, in alignment with allies and partners, as well as Russian officials and proxy authorities operating illegally in Ukraine”.
The White House has indicated that it is targeting the Russian defense and high-tech sectors, as well as the implementation of measures aimed at destroying attempts to circumvent the sanctions already in place.
The US Commerce Department will also impose export controls on nearly 90 Russian and third-country companies, including in China, ‘for engaging in sanctions-busting and substitution activities in support of the industry. Russian defense,” the White House said.
Targeted companies will be prohibited from “purchasing items, such as semiconductors, whether manufactured in the United States or with certain American technology or software overseas.”
The Russian metals and mining sector is also in the crosshairs of economic sanctions.
“Today’s action will result in increased tariffs on more than 100 Russian metals, minerals and chemicals worth approximately $2.8 billion to Russia. It will also significantly increase the costs of aluminum that has been melted or cast in Russia to enter the US market,” the White House continued.
This measure will “counter the damage” caused to American producers by the Russian invasion, underlined the White House, adding that these last measures adopted against Russia were decided “in coordination with the partners and allies of the G7”.
The G7 nations, due to hold a virtual summit on Friday to mark the first anniversary of Russia’s invasion of Ukraine, will announce the creation of a new body known as the Enforcement Coordination Mechanism. to block attempts to circumvent existing sanctions.
The body will be chaired by the United States in its first year, according to the White House.