The sanctions will target actors tied to Russia’s defense and technology industry, the country’s future energy capabilities and its metals and mining sector. The White House also announced it will restrict exports to the country and raise tariffs on Russian products.
“These sanctions, export controls, and tariffs are part of our ongoing efforts to impose strong additional economic costs on Russia,” The White House said in the release. “We will continue to work with our allies and partners to use all economic tools available to us to disrupt Russia’s ability to wage its war and degrade its economy over time.”
The announcement marks the one-year anniversary of Russia’s large-scale and unprovoked invasion of Ukraine, which has since led to hundreds of thousands of deaths between both sides. It also comes just after President Joe Biden finished his trip to Poland to mark the anniversary, making a surprise trip to Kyiv on Monday to visit with Ukrainian President Volodymyr Zelenskyy.
Treasury Secretary Janet Yellen said Friday her department will continue to ramp up sanctions “as we see ways to strengthen them and to diminish evasion,” with the main objective being to deprive Russia of the revenue needed to wage war. She pointed to the deficits Russia is facing as a result of price caps the G-7 coalition has placed on Russian refined oil products as one of the ways the U.S. and its allies are diminishing the country’s economic power.
“They’re running budget deficits and running down their buffers of assets that they saved for a rainy day, they’re using up those assets,” Yellen said on MSNBC’s “Morning Joe.”
The new measures, announced in coordination with G-7 leaders — whom Biden will meet with virtually Friday — also include additional economic support for Ukraine. The group of leaders has increased its 2023 commitment of budget and economic support to Ukraine to $39 billion, and the U.S. plans to provide up to $250 million in additional emergency energy assistance to Ukraine to help strengthen its electrical grid.
The Department of Defense separately on Friday announced an additional security assistance package for Ukraine, providing new equipment, air defense systems and ammunition.
