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US Broadens Sanctions On Russia Ahead Of The G7 Summit



 

As President Joe Biden leaves for Italy to attend the G7 leaders’ summit this year, the White House has confirmed further sanctions against Russia’s industrial bases both inside and outside Russia. The sanctions also target China-made semiconductors, which are shipped to Russia and used against Ukraine.


Since the beginning of Moscow’s attack on Ukraine, the US has sanctioned at least 4000 Russia-based businesses and individuals. However, many of those businesses have popped up in recent times under a different name. In an attempt to undercut Russia’s war machine, the United States will reimpose the sanctions and, this time, even wider than before.


The sanction will target businesses established in China, UAE, and Turkiye that supply goods in Moscow. Foreign financial institutions that regularly engage in transactions with Moscow also fall under this sanction.


The priority of this year’s G7(Britain, Canada, France, Germany, Italy, Japan, and the United States) summit is to boost support for Ukraine and sanction Russia and its allies. Responding to the news, the Moscow exchange announced that it would no longer transact in dollars or euros.


Janel Yellen, Treasury Secretary of the US, commented, “We are increasing the risk for financial institutions dealing with Russia’s war economy and eliminating paths for evasion, and diminishing Russia's ability to benefit from access to foreign technology, equipment, software, and IT services. Every day, Russia continues to mortgage its future to sustain its unjust war of choice against Ukraine."


Pointing out Putin’s capability to adapt to sanctions and quickly find willing cooperators to sustain Russia’s military campaign, The Director of Economic Sanctions Policy and Implementation told Associate Press, “We have to be very honest with ourselves that Putin is a very capable adversary who is willing to adapt and find those willing collaborators.”

 

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