Biden Administration Imposes Sweeping Sanctions on Russia
By On Friday, the Biden administration announced a series of sweeping economic sanctions against Russia, targeting the country’s banking, defense, and technology industries. The sanctions are being imposed in coordination with the Group of Seven (G7) countries, and are designed to reduce Russia’s ability to wage its war against Ukraine and to degrade its economy over time.
The sanctions involve tariffs on certain Russian imports, including 100 metals, minerals, and chemical products worth an estimated $2.8 billion, as well as export controls to block nearly 90 companies in Russia and allied countries like China from purchasing items like semiconductors made with certain U.S. technology.[0] Additionally, the Department of Treasury is designating 22 individuals and 83 entities engaged in sanction evasion, arms trafficking and illicit finance, and three entities involved in expanding Russia’s future energy production and export capacity.[1]
The Department of State is also taking steps to impose visa restrictions on 1,219 members of the Russian military who have been involved in actions that threaten or violate the sovereignty, territorial integrity, or political independence of Ukraine.[1]
The actions follow President Joe Biden’s surprise visit to Kyiv last week, and come in response to the Russian invasion of Ukraine one year ago.[0] This is the Biden administration’s most significant sanctions action to date, and is designed to increase costs on President Putin and reduce U.S. reliance on Russia.
The sanctions come on the heels of President Putin’s announcement that he will suspend Russia’s involvement in the last nuclear treaty with the U.S.[2] The move is further evidence of the Biden administration’s commitment to standing with Ukraine for as long as it takes.[3]
0. “U.S. rolls out new aid for Ukraine, sanctions for Russia one year into war” CBS News, 24 Feb. 2023, https://www.cbsnews.com/news/us-new-aid-for-ukraine-sanctions-for-russia-one-year
1. “United States Takes Sweeping Actions on the One Year Anniversary of Russia's War Against Ukraine – HS Today” HSToday, 24 Feb. 2023, https://www.hstoday.us/ukraine/united-states-takes-sweeping-actions-on-the-one-year-anniversary-of-russias-war-against-ukraine
2. “U.S. Delivers More Russia Sanctions 1 Year Into War—Here’s What You Need To Know” Forbes, 24 Feb. 2023, https://www.forbes.com/sites/alisondurkee/2023/02/24/us-delivers-more-russia-sanctions-1-year-into-war-heres-what-you-need-to-know/
3. “U.S. Plans to Impose New Sanctions on Some 200 Russian Individuals, Entities – WSJ” The Wall Street Journal, 21 Feb. 2023, https://www.wsj.com/articles/u-s-plans-to-impose-new-sanctions-on-some-200-russian-individuals-entities-6d64888e
