Skip to content
Edit post

Biden administration strengthens sanctions on Russia, target financial backers of war effort

by Nate Ostiller and The Kyiv Independent news desk December 22, 2023 4:11 PM 2 min read
U.S. President Joe Biden speaks in the Roosevelt Room of the White House in Washington, DC, US, on Wednesday, Dec. 6, 2023. (Yuri Gripas/Abaca/Bloomberg via Getty Images)
This audio is created with AI assistance

U.S. President Joe Biden signed a new executive order on Dec. 22 that will strengthen the U.S.' sanctions against Russia while also targeting financial institutions that help support Russia's war effort, the White House said in a press release.

The move comes days after the EU adopted its 12th round of sanctions against Russia, which included a ban on Russian diamonds, a crackdown on Russia's means to acquire military-use goods, tighter controls over the $60-per-barrel oil price cap, and further steps targeting Moscow's revenue amid the all-out war.

The White House said the executive order expands sanctions authority over any financial institutions "determined to have conducted or facilitated any significant transactions...or provided any services" for already sanctioned individuals or companies involved in Russia's military-industrial complex.

In addition, the executive order will ban the export of Russian diamonds. In line with the EU sanctions, the move will ban the export of any diamonds originating in or manufactured in Russia, regardless of whether they were subsequently processed in a third country.

A similar measure will apply to seafood from Russian water territorial waters or fished by Russian vessels.

In an op-ed for the Financial Times, Deputy Treasury Secretary Wally Adeyemo wrote that the executive order "makes clear that those financing and facilitating the transactions of goods that end up on the battlefield will face severe consequences."

"Today we are taking steps to level new and powerful tools against Russia’s war machine," said Treasury Secretary Janet Yellen on Dec. 22. "And we will not hesitate to use the new tools provided by this authority to take decisive and surgical action against financial institutions that facilitate the supply of Russia’s war machine.”

Essentially, the intention of the measures taken against financial institutions or front companies involved in helping support Russia's war machine is to create a "stark choice."

"Stop all transactions from customers selling critical goods, or ensure these goods are not benefiting Russia’s war machine. Otherwise, you risk losing access to the US financial system," said Adeyemo.

He also added that the measures would apply even to unwitting financial partners, putting the onus on financial institutions and exporters in third-party countries to preemptively prevent any potential collaboration with Russia's military-industrial complex.

Opinion: A year of war and little peace
The advantage historians have over journalists is that the passage of time offers them a perspective not available to those with immediate deadlines. But the year is about to end, which constitutes a firm deadline if the goal is to put 2023 into perspective. “Instant history” may well be an
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

7:50 AM

ISW: Medvedev's rhetoric echoes Stalin.

Dmitry Medvedev, the deputy chairman of Russia's Security Council, said in an interview with Russian media on Feb. 22 that Ukrainian citizens in occupied Ukraine who attempt sabotage against Russia should be "exposed and punished, sent to Siberia ... for re-education in forced labor camps."
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
2:47 AM

4 injured in Russia's attack on Dnipro.

At least four people were injured in Dnipro as Russia targeted the city with Shahed drones overnight on Feb. 23, Dnipropetrovsk Oblast Governor Serhii Lysak said.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.