The United States and G7 Partners have imposed a set of severe sanctions on Russia in retaliation for its war against Ukraine.
The latest round of sanctions on the Putin regime by the West came after US President Joe Biden met virtually with his Ukrainian counterpart Volodymyr Zelensky and G7 leaders on Sunday. G7 leaders assured Zelensky that they would continue to provide military and economic help to Ukraine.
The entire G7 committed to phase out or ban the import of Russian oil. This decision is expected to hit hard at the main artery of Russia’s economy and deny President Vladimir Putin the revenue he needs to fund his war. The G7 also committed to work together to ensure stable global energy supplies, while accelerating our efforts to reduce dependence on fossil fuels.
The United States has already banned the import of Russian oil, gas, and coal.
The United States will issue a new rule that imposes additional restrictions on Russia’s industrial sector, including a broad range of inputs and products including wood products, industrial engines, boilers, motors, fans, and ventilation equipment, bulldozers, and many other items with industrial and commercial applications.
The United States also sanctioned Limited Liability Company Promtekhnologiya, which produces rifles and other weapons that have been used in military operations in Ukraine; seven shipping companies, which own or operate 69 vessels; and one marine towing company.
The Nuclear Regulatory Commission suspended general licenses for exports of source material, special nuclear material, byproduct material, and deuterium to Russia.
The United States issued a new visa restriction policy that applies to Russian military officials and Russia-backed or Russia-installed purported authorities who are believed to have been involved in human rights abuses or public corruption in Ukraine.
The United States also sanctioned eight executives from Sberbank- the largest financial institution in Russia; 27 executives from Gazprombank – a prominent Russian bank facilitating business by energy giant Gazprom; and Moscow Industrial Bank and its ten subsidiaries.
The United States will sanction three of Russia’s most highly-viewed state-controlled television stations – Joint Stock Company Channel One Russia, Television Station Russia-1, and Joint Stock Company NTV Broadcasting Company. All three stations have been among the largest recipients of foreign revenue, which feeds back to the Russian State’s revenue.
U.S. citizens will be prohibited from providing accounting, trust and corporate formation, and management consulting services to Russians.
In support of the United Nations Global Crises Response Group, G7 leaders decided to address the causes and consequences of the global food crisis caused y the war through a Global Alliance for Food Security.
The leaders vowed that G7 will continue to impose severe and immediate economic costs on President Putin’s regime for the “unjustifiable war”.
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