US issues new sanctions on russia

The US announced the introduction of new sanctions against russia on the anniversary of the full-scale war of Ukraine.

The White House introduced a fresh round of sanctions.

"Today, in coordination with G7 partners and allies, the Departments of the Treasury and State will implement sweeping sanctions against key revenue generating sectors in order to further degrade russia's economy and diminish its ability to wage war against Ukraine", says the report.

These sanctions are 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. 

"We will target a dozen russian financial institutions, in alignment with allies and partners, as well as russian officials and proxy authorities illegitimately operating in Ukraine. ", says the report.

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. 

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

Commerce will also take action alongside G7 partners and allies to align measures on industrial machinery, luxury goods, and other items, as well as issue new restrictions to prevent components found in Iranian drones from making their way onto the battlefield in Ukraine. 

The President will sign proclamations to raise tariffs on certain russian products imported to the United States, building on previous efforts to strip russia of its international trade privileges. 

"Today's action will result in increased tariffs on more than 100 russian metals, minerals, and chemical products worth approximately $2.8 billion to russia. It will also significantly increase costs for aluminum that was smelted or cast in russia to enter the U.S. market in order to counter harm to the domestic aluminum industry, which is being squeezed by energy costs as a result of russia's invasion of Ukraine", the White House adds.