The new package of sanctions will ban all new investments in Russia, increase sanctions on financial institutions and state-owned enterprises in Russia, and impose sanctions on Russian government officials and their families.
The new package of sanctions will be the latest move by the United States and its allies to pressure the Kremlin to limit its ability to wage war on Ukraine. New revelations about further atrocities committed by Russian forces in northern Ukraine are coming to light, prompting the US and its allies to take further action against Moscow.
“These measures will undermine the basic organs of Russian state power, inflict acute and immediate economic damage on Russia, and hold Russian kleptocracy responsible for financing and supporting Putin’s war,” the official said. “These measures will be taken in conjunction with our allies and partners, demonstrating our determination and unity in imposing unprecedented costs on Russia for its war against Ukraine.”
The official added, “We have already concluded that Russia has committed war crimes in Ukraine and the information from Bucha seems to show further evidence of war crimes. And as the President said, we will work with the world to ensure that there is a full “Accountability for these crimes. One of these tools is sanctions – and we are working hard with our European allies for further sanctions.”
The expected sanctions come after the US Treasury Department announced it would no longer allow Russia to repay its debt using dollars stored in US banks. While Washington had imposed sanctions on the Russian Central Bank by freezing foreign currency in US banks, the Treasury Department had previously allowed Russia to use these reserves to repay its debt.
Since the Russian-led invasion of Ukraine in late February, the United States and its allies have imposed sanctions on hundreds of Russian elites and lawmakers, restricting the country’s access to Western technology that is important to its defense and technology sectors. They freeze about half of Russia’s foreign exchange reserves and have cut, in addition to certain Russian banks, the SWIFT banking network, among other steps. The United States has also banned the import of Russian oil, gas and other energy products.
While the severity and speed of Western sanctions against Russia have been unprecedented, key differences remain as US officials continue to monitor US and European supply chains and try to limit the impact of sanctions on Western economies struggling with levels inflation record.
CNN reported late last week that Russia was facing a deep recession and high inflation as sanctions pushed the country into an increasingly closed economy, a change that US officials believe the Kremlin will find difficult to make as it relies on it. and for a long time in the sale of raw materials they buy you advanced equipment and consumer goods.
This story has been updated with additional information.
