White House to expand sanctions against russia
The White House says the United States and G7 partners plan to further expand sanctions against russia for invading Ukraine.
The White House revealed this in a statement.
It notes that the G7 is announcing new sanctions in a joint statement to support Ukraine to increase economic pressure on russia.
The statement also emphasizes that the United States has rallied over 30 allies and partners worldwide to impose drastic costs on russia, and the US-led coalition will continue to increase pressure on putin.
"In the span of a few months, US exports to russia, including of critical technology inputs putin needs to maintain his military, have decreased approximately 97%. russia's imports of goods from around the world could fall by 40%. Factories across russia are struggling to maintain production. russia's GDP will likely decline by double digits, inflation is rising to over 20%, russia's struggling to make bond payments, and russia's defaulted on its sovereign debt for the first time in more than a century," the press release said.
The United States' measures will continue to deplete putin's military-industrial complex of critical components, prevent the central bank's foreign reserves from propping up an ailing economy, and deprive putin of the resources he needs to wage his war, the statement added.
"The United States, in coordination with the G7, will implement significant commitments, including sanctions on hundreds of individuals and entities that adds to the over 1,000 already sanctioned, take action on evasion by targeting companies in several countries that adds to the over 300 Entity Listings already in place; impose tariffs on hundreds of russian products worth billions of dollars to russia," the statement said.
In particular, new sanctions are being prepared against the russian defense industry and supplies for its needs, and measures are being designed to support Ukraine:
- Measures targeting the russian military production and supply chains.
- Using tariffs on russian goods to help Ukraine.
- Restrictions on russia's participation in the global market and further crackdowns on evasion attempts.
- Imposition of costs on those responsible for human rights abuses—including war crimes, profiteering, and illegitimate authorities.
- A significant G7 Commitment for Budgetary Support and other support for Ukraine.
The United States plans to apply higher tariffs to over 570 groups of russian goods, which will cost russia about $2.3 billion.
The US Treasury, as previously reported, will ban the import of new russian gold.
The first sanctions are planned against companies that help russia, through intermediaries, circumvent the sanctions by banning them from buying relevant goods, including semiconductors.
Read our Timeline of the war: the current news about Ukraine's defense against russia's aggression.
