On Wednesday, the U.S. State and Treasury Departments took action against 300 individuals and entities that are aiding Russia in its war against Ukraine by imposing sanctions on them.
The imposition of sanctions on 100 targets by the State Department is aimed at hitting “multiple sectors essential to Russia’s war effort”. Meanwhile, the Treasury is also taking action by sanctioning 200 individuals and entities both within and outside of Russia, and is banning specific software and IT services.
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According to U.S. Secretary of State Antony Blinken, the targets of the sanctions are focused on those involved in developing Russia’s energy, metals, and mining production and export capabilities, as well as those attempting to evade or circumvent sanctions and those supporting Russia’s war efforts.
According to him, actions are being taken to hold accountable those who are responsible for the forced transfer, re-education, and deportation of Ukrainian children, which is a despicable act.
According to the Treasury, the entities targeted span across several regions, including Asia (specifically China), the Middle East, Europe, Africa, Central Asia, and the Caribbean.
In a statement released on Wednesday, Treasury Secretary Janet Yellen highlighted the fact that Russia’s war economy is highly cut off from the global financial system. This has left the country’s military in dire need of access to outside sources. Yellen emphasized that the latest actions taken by the government target the remaining channels through which Russia can acquire crucial materials and equipment from third-party countries.
The G7 commitments to increase pressure on Russia for its unprovoked war on Ukraine are guiding the State and Treasury departments in implementing these sanctions.
According to Yellen, the sanctions pose a greater risk for financial institutions that engage in business with Russia’s economy. She further explained that the sanctions effectively close off avenues for evasion and reduce Russia’s capability to reap the benefits of foreign technology, equipment, software, and IT services.
With the authorization from President Joe Biden, the Treasury Department has announced the update of sanctions on five Russian financial institutions, which now include their locations outside of Russia.
Promsvyazbank Public Joint Stock Company has expanded its locations to include Beijing, Bishkek in Kyrgyz Republic, and New Delhi in India.
Vnesheconombank, the State Corporation Bank for Development and Foreign Economic Affairs, will now face sanctions that extend to Beijing and Mumbai.
The sanctions now cover Sberbank’s branches in Beijing, New Delhi, and Mumbai, while VTB’s operations in New Delhi, Beijing, and Shanghai are also included.
VTB Capital Holdings Closed Joint Stock Company’s Hong Kong location has now been sanctioned.
According to Blinken, the United States is still worried about the extent and range of exports from China that contribute to Russia’s military-industrial sector.
According to the statement, the State Department is in the process of broadening the scope of sanctions imposed on China. The sanctions will target dual-use goods that are being utilized by Russia in its military production.
The Moscow Exchange’s public market trading will be included in the sanction expansion on Russian financial infrastructure.
Several financial entities in Russia have been sanctioned, including the National Clearing Center, Joint Stock Company Russian National Reinsurance Company, the Joint Stock Company National Settlement Depository, and the gas industry insurance company Sogaz.
