The United States has expanded its sanctions against Russia, targeting 300 additional individuals and entities linked to Moscow’s war economy.
The US Departments of State and Treasury announced these measures on Wednesday to hinder Russia’s ability to circumvent Western embargoes and continue its military activities.
The Treasury Department emphasized that these sanctions are directed at those enabling Russia to evade restrictions, aiming to cut off their access to international materials and equipment.
The latest measures impact over $100 million in trade involving Russia and its international partners, including companies and individuals from China, Kyrgyzstan, and Turkey, as well as targets in East and Central Asia, Africa, the Middle East, and the Caribbean.
The US has issued a new interpretation of existing executive orders, prohibiting US citizens from providing IT consultancy, design services, IT support services, and cloud-based services for enterprise management software and design and manufacturing software to any person in Russia.
Additionally, the Treasury Department has broadened the definition of Russia’s military-industrial base to include all persons sanctioned under Executive Order 14024, such as Sberbank and VTB.
This means that third-country financial institutions risk sanctions for conducting or facilitating significant transactions or providing any service to these entities.
Since February 2022, Washington has sanctioned more than 4,000 Russian individuals and companies to weaken Russia’s military efforts against Kiev.
This move precedes the G7 summit in Italy, where the US hoped to announce progress on confiscating frozen Russian sovereign assets. However, disagreements between the US and its EU allies have stalled further actions.
In response to these expanded sanctions, the Moscow Stock Exchange announced it would cease trading in US dollars and euros from Thursday.
