Taking Action to Degrade Russia’s Wartime Economy Ahead of G7 Leaders’ Summit

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Taking Action to Degrade Russia’s Wartime Economy Ahead of G7 Leaders’ Summit

12 June 2024

Antony J. Blinken, Secretary of State

Since Russia’s full-scale invasion of Ukraine in February 2022, the United States, with allies and partners, has rallied support for Ukraine’s defense and imposed sanctions and export controls on an unprecedented scale.

Today, in line with the commitments President Biden and Group of Seven (G7) Leaders made as they prepare to meet this week in Italy, the Departments of State and the Treasury are imposing further costs on Russia by designating more than 300 individuals and entities for enabling Russia’s prosecution of its illegal war. The Department of State is imposing sanctions on more than 100 targets across multiple sectors essential to Russia’s war effort. These targets include those engaged in the development of Russia’s future energy, metals, and mining production and export capacity; sanctions evasion and circumvention; and producing material needed to support Russia’s war effort. The Department is also taking measures against malign actors responsible for the forced transfer, re-education, and deportation of Ukrainian children.

The United States remains concerned by the scale and breadth of exports from the People’s Republic of China (PRC) that supply Russia’s military-industrial base. The Department is designating PRC companies providing Russia with a wide range of dual-use goods that fill critical gaps in Russia’s defense production cycle. We are also taking action to counter the support that the Lukashenka regime in Belarus is providing for Russia’s aggression against Ukraine.

Concurrently, the Department of the Treasury is heightening the risks that financial institutions face in facilitating support for Russia’s military-industrial base, imposing sanctions on more than 200 individuals and entities inside and outside of Russia – including entities in the PRC – and introducing prohibitions on certain software and IT services with the aim of degrading Russia’s war machine. Finally, the Department of Commerce is expanding its Entity List with additional names of those aiding Russia’s military and defense sector and restricting the export of certain software to Russia.

We will continue to use all the tools at our disposal to hinder Russia’s use of the international financial system to conduct its war, to disrupt networks of support for Russia’s military-industrial base, and to increase the costs to Russia as Putin perpetrates his aggression against Ukraine.

On December 22, 2023, President Biden expanded the United States’ ability to target financial institutions located outside of Russia that facilitate transactions involving Russia’s military-industrial base. Today, the Department of the Treasury is broadening the definition of Russia’s military-industrial base to include all persons blocked pursuant to Executive Order (E.O.) 14024. This expansion means that foreign financial institutions risk being sanctioned for conducting or facilitating significant transactions, or providing any service, involving any person blocked pursuant to E.O. 14024.

The Department of State and the Department of the Treasury sanctions actions were taken pursuant to E.O. 14024 “Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation.” For more information on today’s actions, please see the Department of State’s fact sheet and the Department of the Treasury’s press release.

About Post Author

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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