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US unveils sweeping sanctions targeting Russia's wartime economy / Photo: Alexander KAZAKOV - POOL/AFP/File
NYSE - LSE
US unveils sweeping sanctions targeting Russia's wartime economy
The United States unveiled sweeping sanctions Friday against almost 400 individuals and companies tied to Russia's war in Ukraine, expanding existing measures to curb Moscow over the invasion of its neighbor.
The moves announced by the US Treasury, State and Commerce departments come as fighting has stretched well into its third year.
"The United States is building on its unprecedented sanctions campaign and imposing new costs on those supporting Russia's war against Ukraine and its attempts to deny Ukraine's unique cultural identity," US Secretary of State Anthony Blinken said in a statement.
"Today, one day ahead of the celebration of Ukrainian Independence Day, the United States is designating nearly 400 entities and individuals," he added.
The sanctions target individuals and companies both inside and outside of Russia "whose products and services enable Russia to sustain its war effort and evade sanctions," the Treasury Department announced in a separate statement.
Among those designated were 60 Russia-based defense and technology firms "critical for the sustainment and development of Russia's defense industry," it said.
"Russia has turned its economy into a tool in service of the Kremlin's military-industrial complex," Deputy Treasury Secretary Wally Adeyemo said.
He added that the sanctions were part of ongoing international efforts "to disrupt Russia's military-industrial base supply chains and payment channels."
The State Department said it was responsible for 190 of the sanctions, and that Treasury was responsible for close to 200 others.
It added that its designations "aim to disrupt sanctions evasion and target entities in multiple third countries," including China, along with businesses supporting the development of Russian energy projects.
Alongside the sanctions unveiled Friday, the US Commerce Department announced it was taking "aggressive action" to further restrict the supply of items made in the United States, or labeled as such, to both Russia and Belarus, due to "the Kremlin's illegal war on Ukraine."
"Today's actions will further constrain Russia's ability to arm its military by targeting illicit procurement networks designed to circumvent global export controls," the department said.
(R.White--TAG)
