US expands sanctions against Russia

The U.S. introduced an additional package of sanctions against Russia on Feb. 24, targeting banks and key suppliers of the Russian military sector, according to a statement published by the White House.

Restrictions will be imposed on more than 200 individuals and entities within Russia and worldwide "to further degrade Russia's economy and diminish its ability to wage war against Ukraine."

Under the new package, the U.S. and its partners in the Group of Seven (G7) will sanction a dozen Russian financial institutions, as well as Russian officials and Moscow-installed proxies illegally operating in occupied Ukrainian territories.

According to the statement, the U.S. government will also target actors helping Russia to fill its military stocks by evading restriction measures, the metallurgical and mining sectors of the Russian economy as well as Russia's future energy capabilities.

In addition, the U.S. Commerce Department will implement a series of export restrictions, including about 90 Russian and third-country companies on the list of entities involved in sanctions evasion and activities supporting the Russian military sector.

"These listings will prohibit the targeted companies from purchasing items, such as semiconductors, whether made in the U.S. or with certain U.S. technology or software abroad," the White House wrote.

On Feb. 24, U.S. President Joe Biden will reportedly sign decrees on raising tariffs on certain Russian goods imported into the U.S.

"These measures are designed to target key Russian commodities generating revenue for the Kremlin while reducing U.S. reliance on Russia," the Biden administration added.

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The Kyiv Independent