The United States unveiled a new wave of sanctions aimed at curbing Russia’s actions in Ukraine, targeting over 300 entities in Russia, China, Turkey, and the UAE. The measures include restrictions on the Moscow Exchange and entities involved in LNG projects, hindering transactions and access to critical supplies. Treasury Secretary Janet Yellen emphasized the impact on financial institutions engaging with Russia’s war economy, while Secretary of State Antony Blinken expressed concerns about China’s export support to Moscow’s military.
In response, Russia criticized the sanctions as aggressive, with the Moscow Exchange halting foreign exchange trading in dollars and euros. The US expanded its definition of Russia’s military-industrial base, extending secondary sanctions to more entities impacted by US measures. The move also restricts IT services and software support to individuals in Russia, with a focus on transnational networks aiding Russia in evading sanctions.
Efforts to limit Russia’s ability to sustain the war in Ukraine have already had a significant impact, with global exports to Russia dropping and US exports essentially stopped. Washington’s actions come ahead of the G7 summit, where leaders aim to utilize profits from frozen Russian assets to aid Ukraine. The proposal involves using interest profits from immobilized Russian central bank assets as collateral for a loan to support Kyiv.
© 2024 AFP