Biden administration announces new sanctions against Russia ahead of G7 summit

President Joe Biden will arrive at the G7 summit in Italy with over 300 new sanctions aimed at further isolating and financially weakening Russia.

The measures are “guided by G7 commitments to intensify the pressure on Russia,” according to the US Department of Treasury, and they mark the latest move to limit the Kremlin’s revenues and hamper Moscow’s ability to source materials for its war in Ukraine.

The sanctions take aim at foreign financial institutions supporting Russia’s war, restrict Russia’s access to certain US software and information technology services, and target over 300 individuals and entities “whose products and services enable Russia to sustain its war effort and evade sanction,” the department said.

The US and its western allies have levied a series of sanctions against Russia in recent years, but the country has adapted to them. Russian President Vladimir Putin has taken to gloating about Russia’s resistance to international sanctions, which take time to have an effect.

“Today’s actions strike at their remaining avenues for international materials and equipment, including their reliance on critical supplies from third countries. 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,” Treasury Secretary Janet Yellen said in a statement.

Among the actions is a step that will authorize Treasury to impose sanctions on foreign financial institutions aiding Russia’s military-industrial base. The move threatens sanctions on any financial institution that does business with any previously-sanctioned individual or entity, including Sberbank and VTB bank.

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