US Announces Fresh Sanctions On Russia As War In Ukraine Completes A Year: Report

The sanctions will include Russian banks, technology and defense sectors, and will impact both people and companies.

US President Joe Biden.

Source : File Photo/Getty

US President Joe Biden met with leaders of the G7 and Ukrainian President Volodymyr Zelenskiy virtually on Friday to commemorate the one-year anniversary of Russia's invasion of Ukraine and announced new sanctions against those who support Russia's war effort, reported the news agency AFP.

The Biden administration issued new sanctions targeting Russian banks, military industry, semiconductor access.

#BREAKING US announces new sanctions targeting Russian banks, military industry, semiconductor access pic.twitter.com/Uf2Le9jWZ2

— AFP News Agency (@AFP) February 24, 2023

The White House stated that "over 200 individuals and entities, including both Russian and third-country actors across Europe, Asia, and the Middle East that are supporting Russia's war effort" will be affected by the new sanctions, which target banks, mining, and the defense industry.

"A dozen Russian financial institutions, in alignment with allies and partners, as well as Russian officials and proxy authorities illegitimately operating in Ukraine" will be among those subject to the new sanctions, which come on top of multiple layers of previous measures imposed over the previous year.

The White House claimed that it was targeting Russia's high-tech and defense industries, as well as repressing efforts to circumvent existing sanctions.

The US Department of Commerce would impose export controls on nearly 90 Russian and third-country companies, including China.

"For engaging in sanction evasion and backfill activities in support of Russia's defense sector," the White House stated.

"Purchasing items, such as semiconductors, whether made in the US or with certain US technology or software abroad," targeted businesses will be prohibited from doing.

The Russian mining and metals industry is also in the crosshairs of economic sanctions.

"Today’s action will result in increased tariffs on more than 100 Russian metals, minerals, and chemical products worth approximately $2.8 billion to Russia. It will also significantly increase costs for aluminum that was smelted or cast in Russia to enter the US market," the White House said.

The White House stated that the measure will "counter harm" caused by Russia's invasion of US producers.

The latest sanctions against Russia were also implemented "in coordination with G7 partners and allies," according to the White House.