US Expands 'Unprecedented Global Sanctions' on Russia

US Expands 'Unprecedented Global Sanctions' on Russia

The US has once again imposed new sanctions on Russia "in coordination with the G7 and other international partners." The targets include "the acquisition of critical technology, future energy extraction capabilities, and the financial services sector." The US Treasury Secretary, Janet Yellen, said, "We are also advancing our efforts to cut off Russian attempts to evade sanctions."

300 New Sanctions Imposed on Russia

The US Treasury Department announced on Friday that the US is "strengthening the unprecedented global sanctions and other restrictive economic measures" on Russia "in coordination with the G7 and other international partners." The announcement, titled "With over 300 sanctions, the US targets Russia’s circumvention and evasion, military-industrial supply chains, and future energy revenues." President Joe Biden is attending the Group of Seven (G7) meeting that began on Friday in Hiroshima, Japan.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) is "implementing new commitments made at the G7 Leaders’ Summit to hold Russia accountable for its war," the announcement said.

"The OFAC’s sanctions on 22 individuals and 104 entities, with touchpoints in more than 20 countries or jurisdictions, target those attempting to circumvent or evade sanctions and other economic measures against Russia, the channels used to acquire critical technology, its future energy extraction capabilities, and the financial services sector."

"Additionally, OFAC is expanding sanctions authorities to target new sectors of Russia’s economy and sever Russia’s access to new categories of services," the Treasury said.

The announcement details that the US Department of State "designated or identified as the blocked property of almost 200 individuals, entities, vessels, and aircraft," and the US Department of Commerce is "significantly expanding the territorial reach and categories covered by its export controls and adding 71 entities to its Entity List to prevent Russia from accessing goods it needs for the battlefield."

US Treasury Secretary Janet Yellen tweeted on Friday following the announcement of the new sanctions, "Today’s actions will further tighten our global coalition’s vise on Putin’s ability to wage his barbaric invasion by denying him military equipment and revenue. We are also advancing our efforts to cut off Russian attempts to evade sanctions."

Putin Believes Additional Sanctions Will Enhance Unity Within Russia

Russian President Vladimir Putin stated on Friday, hours before the US and other G7 countries announced additional sanctions on Russia that additional sanctions on his country would only serve to enhance unity within the nation. According to a translation by NBC News, Putin expressed:

"We’re seeing how aggressive the external pressure is now being exerted on Russia and our entire society. Almost the entire arsenal is directed against us — economic, military, political, informational forces, and the most powerful anti-Russian propaganda that is being deployed."

In April, Putin said the policies pursued by Western nations do not always serve the best interests of their people and will ultimately "backfire on them." His press secretary, Dmitry Peskov, stated in the same month that sanctions against Russia "will hit the global economy hard.

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