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President Biden announces new sanctions on Russia after meeting with G7 leaders

The United States announced new sanctions on Russia after President Joe Biden met with the leaders of the Group of Seven and Ukrainian President Volodymyr Zelensky on Sunday. The White House said that the United States will sanction three of Russia’s most-viewed television stations controlled by the Kremlin — including Russia-1, Channel One Russia and NTV. Western companies were among the top advertisers at the stations last year.

The White House said in a statement: “Our unprecedented sanctions are already exacting an immense toll on Russia’s economy and our export controls have strangled Russia’s access to critical technology and the supply chains it needs to sustain its military ambitions. Putin’s war is projected to wipe out the last 15 years of economic gains in Russia. As a result of our export controls, Russia is struggling to replenish its military weapons and equipment.”

The U.S. will also now prohibit U.S. citizens from providing certain business services such as accounting and corporate formation or management consulting to anyone inside Russia.  The White House said: “These services are key to Russian companies and elites building wealth, thereby generating revenue for Putin’s war machine, and to trying to hide that wealth and evade sanction. This action builds on previous prohibitions to restrict the export of goods related to aerospace, marine, electronics, technology, and defense and related materiel sectors of the Russian economy.”

The entire G7 — which includes Canada, France, Germany, Italy, Japan and Britain — has now pledged to phase out and ban the import of Russian oil, which the United States has already done. The White House said it would also impose new rules to restrict Russia’s industrial sector, including controls on such things as industrial engines and bulldozers.  In its statement, the White House said: “These new controls will further limit Russia’s access to items and revenue that could support its military capabilities.”

Editorial credit: Gints Ivuskans / Shutterstock.com

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