Biden Administration Imposes Sweeping Sanctions on Russia One Year After Ukraine Invasion
The Biden Administration announced a new package of sweeping sanctions against Russia on the one-year anniversary of its invasion of Ukraine. The sanctions, coordinated with G7 countries, will target over 200 individuals and entities, including a dozen Russian financial institutions, those helping Russia evade existing sanctions, and third-party actors in Europe, Asia, and the Middle East who are supporting Russia’s war effort.
The sanctions will target actors tied to Russia’s defense and technology industry, the country’s future energy capabilities, and its metals and mining sector. The White House declared that it would be limiting exports to Russia and increasing tariffs on Russian products. The Department of Defense announced a $2 billion security assistance package for Ukraine, which includes additional artillery rounds, munitions for laser-guided rocket systems, unmanned aerial systems, and electronic warfare detection equipment.
In addition, the Treasury Department announced new sanctions that target at least 12 Russian banks and the country's mining industry, in particular Credit Bank of Moscow Public Joint Stock Company. The Treasury Department also announced sanctions that target individuals and companies based outside of Russia that are connected to sanctions evasion, including those related to arms trafficking and illicit finance.
The Department of Commerce will also be taking steps to limit exports to Russia, by placing nearly 90 Russian and international firms, including some from China, on a sanctions-evasion list. President Biden is also set to sign a proclamation on Friday to raise tariffs on certain Russian imports to the U.S., including 100 Russian metals, minerals and chemical products worth approximately $2.8 billion. The Commerce Department is blocking many companies in Russia and allied countries, like China, from purchasing materials like semiconductors.
The U.S. is also taking steps to block material from Iranian drones from being used by the Russian military. President Biden is expected to meet with other G7 leaders and Ukrainian President Volodymyr Zelensky virtually on Friday to discuss their coordinated efforts. The Biden Administration is committed to using all economic tools available to disrupt Russia’s ability to wage its war and degrade its economy.
0. “U.S. Plans to Impose New Sanctions on Some 200 Russian Individuals, Entities – WSJ” The Wall Street Journal, 21 Feb. 2023, https://www.wsj.com/articles/u-s-plans-to-impose-new-sanctions-on-some-200-russian-individuals-entities-6d64888e
1. “U.S. rolls out new aid for Ukraine, sanctions for Russia one year into war” CBS News, 24 Feb. 2023, https://www.cbsnews.com/news/us-new-aid-for-ukraine-sanctions-for-russia-one-year
2. “White House announces new sanctions against Russia on invasion anniversary” POLITICO, 24 Feb. 2023, https://www.politico.com/news/2023/02/24/white-house-announces-sanctions-against-russia-ukraine-anniversary-00084308
3. “U.S. Delivers More Russia Sanctions 1 Year Into War—Here’s What You Need To Know” Forbes, 24 Feb. 2023, https://www.forbes.com/sites/alisondurkee/2023/02/24/us-delivers-more-russia-sanctions-1-year-into-war-heres-what-you-need-to-know/
4. “U.S. hits Russia with new sanctions one year after Ukraine invasion” Axios, 24 Feb. 2023, https://www.axios.com/2023/02/24/us-sanctions-russia-ukraine-invasion
5. “White House announces new aid package for Ukraine, sanctions against Russia” Ukrinform, 23 Feb. 2023, https://www.ukrinform.net/rubric-polytics/3674313-white-house-announces-new-aid-package-for-ukraine-sanctions-against-russia.html