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Monday, December 23, 2024

Reshaping Perspectives and Catalyzing Diplomatic Evolution

The United States and other G7 countries will announce new sanctions against Russia

The United States and other G7 countries will unveil new sanctions and export controls against Russia for its aggression against Ukraine, a White House source said ahead of the G7 summit in Japan.

G7 leaders are meeting in Hiroshima on Friday to mainly discuss the situation with Russia’s invasion of Ukraine, now in its second year. The United States has imposed tough sanctions on Russian companies, banks and individuals, and the upcoming announcement of a new round of sanctions aims to reaffirm the resolve of world powers to support Ukraine and put pressure on Moscow.

An administration source speaking to reporters on Thursday ahead of the meeting said G7 efforts are now focused on preventing Russia from obtaining the materials needed to wage war, closing loopholes used to evade sanctions, further reduce international dependence on Russian energy carriers and reduce Moscow’s access to the international financial system.

“Our commitment to tightening the screws on Russia remains as strong as it was last year,” the official said.

The United States and its allies, including the European Union and the United Kingdom, have continued to intensify sanctions and pressure on Russia since the invasion of Ukraine began in February 2022. Among those sanctioned by Washington include Russian President Vladimir Putin, the financial sector and the oligarchs.

Washington has cracked down on sanctions busting in recent months with a heavy focus on dual-use items — those for commercial and military use.

The new US sanctions package will include “meaningful restrictions on war-essential categories of goods,” as well as preventing the re-export of US goods against approximately 70 organizations from Russia and third countries by adding them to the blacklist of the US Department of Commerce.

In addition, the United States will announce approximately 300 new sanctions against individuals, entities, vessels, and aircraft. The sanctions will target “financial intermediaries” and others in Europe, the Middle East and Asia who help support the war.

The sanctions will also be extended to other sectors of the Russian economy.

A White House source said Washington would take significant steps to closely align its actions with those of the EU and UK to ensure G7 actions remain as coordinated as possible in response to ‘brutal actions’ of Russia.

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