US Unveils New Sanctions, Tariffs on Russia on Ukraine War Anniversary

The United States has announced sweeping new sanctions on Russia and its partners on the first anniversary of the invasion of Ukraine.

The Biden administration said on Feb. 24 that it would implement increased tariffs and export controls against critical Russian sectors in order to break the regime’s ability to continue its war of conquest against Ukraine. Notably, the measures include export controls against Chinese-based entities known to have assisted the Russian war machine.

President Joe Biden is signing proclamations today to raise tariffs on Russian products imported to the United States, including on more than 100 Russian metals, minerals, and chemical products worth approximately $2.8 billion to Russia.

The move will also significantly increase the costs of importing aluminum that was smelted or cast in Russia in order to counter harm to the United States’ domestic aluminum industry.

The White House, State Department, Treasury Department, Commerce Department, and Office of the U.S. Trade Representative are all involved in the effort, targeting Russia’s ability to conduct war from different angles. The actions were also taken in coordination with the Group of Seven (G7) nations, the U.S. administration said.

The Treasury’s sanction will target Russian financial institutions and wealth management entities, as well as international businessmen accused of helping Russia to backfill losses from previous sanctions. The Treasury measures target a total of 22 individuals and 83 entities.

“Today’s action … further isolates Russia from the international economy and hinders Russia’s ability to obtain the capital, materials, technology, and support that sustain its war against Ukraine, which has killed thousands and displaced millions of people,” the Treasury said in a statement.

Likewise, the Department of State is blacklisting more than 60 individuals and entities, including those from Russia’s advanced technology sector in an effort to degrade the regime’s ability to produce hardware and software required for intelligence operations.

The State Department also moved to blacklist three entities associated with Russia’s military and civilian nuclear programs.

The Department of Commerce, meanwhile, is set to restrict exports to Russia, Belarus, and Iran.

“These sanctions, export controls, and tariffs are part of our ongoing efforts to impose strong additional economic costs on Russia,” a White House fact sheet on the issue said.

“We will continue to work with our allies and partners to use all economic tools available to us to disrupt Russia’s ability to wage its war and degrade its economy over time.”

The United States’ push against Russia comes exactly one year after the full-scale invasion of Ukraine, and just as Biden meets with G7 leaders today to discuss mutual economic commitments and how best to counter Russia’s attempts to circumvent international sanctions.

To that end, the leaders are working to create an Enforcement Coordination Mechanism which will be chaired by the United States in the first year, and are anticipated to announce sanctions against 200 entities known to support Russia’s war.

“This will result in sanctions being imposed on 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,” the fact sheet said.

“We will sanction additional actors tied to Russia’s defense and technology industry, including those responsible for backfilling Russian stocks of sanctioned items or enabling Russian sanctions evasion.”

Likewise, the United States will move later in the day to restrict exports to 90 companies believed to be supporting the Russian war effort, including some in China.

In all cases, the White House said, the economic measures against Russia were being tailored to minimize any potential impact on U.S. consumers.

“Today, the Department of Commerce will take several export control actions, listing nearly 90 Russian and third country companies, including in China among other countries, on the Entity List for engaging in sanction evasion and backfill activities in support of Russia’s defense sector,” the fact sheet said.

“These listings will prohibit the targeted companies from purchasing items, such as semiconductors, whether made in the U.S. or with certain U.S. technology or software abroad.”

From The Epoch Times

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