The U.S. Intensifies Sanctions Against Russia

The United States on Friday imposed a new series of sanctions against Russian banks, key industries, and individuals, as well as third-country persons believed to be helping Russia’s sanctions evasion efforts.

The fresh sanctions – announced one year after the Russian invasion of Ukraine – target Russia’s metals and mining industry and third-country individuals and companies connected to Russia’s sanctions evasion efforts, including those related to arms trafficking and illicit finance, the Department of the Treasury said today.

Treasury is targeting the metals and mining sector of the Russian Federation economy and is also imposing sanctions on 22 individuals and 83 entities.

“Today’s action, together with additional measures taken by the Department of State, the Department of Commerce, and the Office of the U.S. Trade Representative, in coordination with allies and G7 partners, further isolates Russia from the international economy and hinders Russia’s ability to obtain the capital, materials, technology, and support that sustain its war against Ukraine, which has killed thousands and displaced millions of people,” the Treasury said.

The U.S. is also imposing sanctions on numerous Russian banks and is also targeting wealth management-related entities and individuals that play key roles in Russia’s financial services sector.   

According to the U.S. Treasury Department, dozens of entities and individuals that were hit with sanctions today operate in industries that ultimately support Russia’s war against Ukraine.

“This includes firms that produce or import specialized, high-technology equipment used by Russian defense entities and companies that make advanced materials used in Russian weapons systems,” the Treasury said.

Separately, UK Foreign Secretary James Cleverly on Friday announced a new package of internationally coordinated sanctions and trade measures, including export bans on every item Russia has been found using on the battlefield to date. The UK also sanctioned senior executives at Russian state-owned nuclear power company Rosatom, executives from Russia’s two largest defense companies, four banks, and other Russian elites.

By Charles Kennedy for Oilprice.com

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