U.S announces new wave of sanctions for Russia

Mar 24, 2022: The White House says the U.S on Thursday announced a new wave of sanctions against Russian lawmakers, oligarchs and defense companies in response to the attack on Ukraine.

The US Treasury Department also issued guidance on its website warning that gold-related transactions involving Russia may be sanctionable by US authorities, a move aimed at stopping Russia from evading existing sanctions.

The measures, which include freezing US-held assets, include 328 members of Russia’s lower house of parliament, the Duma, and 48 defense companies that fuel the war machine, according to a statement issued by US President Joe Biden during his summit attendance.

Also targeted is Herman Gref, chief executive of Russia’s largest financial institution Sberbank.

U.S Treasury department said in a statement that the US move aligned generally with those already taken by the European Union, Britain and Canada.

By designating Russian defence industry companies, it said, “today’s action will have a deep and long-lasting effect on Russia’s defence-industrial base and its supply chain”.

U.S Treasury Secretary Janet Yellen said: “The United States, with our partners and allies, is striking at the heart of Russia’s ability to finance and carry out its warfare and atrocities against Ukraine.”

The U.S warned Putin that it would face swift and severe consequences if he invaded Ukraine and they have delivered on that threat. The official noted that the country is facing punishing inflation and economic pain that will push it out of the world’s top 20 economies.

“Russia will soon face an acute shortage of ideas, talent and technology to compete in the 21st century, and Putin will be left with a strategic failure of his own making,” the official said.

US national security adviser Jake Sullivan said earlier this week the United States would consult with allies about Russia’s inclusion in the G20 group of the world’s largest economies.

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