US imposes sanctions on Russia’s defense sector following G-7 summit
The Biden administration on Tuesday imposed a new round of sanctions on Russia, going after companies and individuals involved in Russia’s defense sector and targeting individuals believed to be responsible for human rights abuses in Ukraine.
The new penalties, formally announced as the Group of Seven (G-7) summit in Germany drew to a close on Tuesday, also include a prohibition on Russian gold imports coordinated with other G-7 allies.
The Treasury Department announced Tuesday morning that it is designating 70 entities and 29 individuals connected to Russia’s defense industrial base, including Rostec, a state-owned defense conglomerate in Moscow.
“Broad multilateral commitments and actions by G7 members this week further cut off the Russian Federation’s access to technology that is critical to their military,” Treasury Secretary Janet Yellen said in a statement.
“Targeting Russia’s defense industry will degrade Putin’s capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures.”
Treasury’s Office of Foreign Asset Control also prohibited the U.S. from importing Russian gold, making good on a pledge that President Biden announced as the G-7 summit got underway over the weekend.
Additionally, the State Department is sanctioning dozens more entities and Russians for human rights abuses in Ukraine, as well as imposing visa restrictions on more than 500 Russian military personnel and individuals for threatening Ukraine’s sovereignty and suppressing dissent.
The U.S. and its allies strove to present a united front at the G-7 in pushing back against Russia for the ongoing war in Ukraine and committing more assistance to the Ukrainians as they battle Russian forces for the fifth straight month.
“We will stand with Ukraine for as long as it takes, providing the needed financial, humanitarian, military, and diplomatic support in its courageous defence of its sovereignty and territorial integrity,” said a joint communique released by the G-7 nations on Tuesday.
The Biden administration has imposed several rounds of sanctions to penalize Russia for its aggression, but the impact of Western sanctions has faced limits due to the profits Moscow receives from energy exports on which European nations are reliant.
On Tuesday, the G-7 leaders agreed to explore on a global price cap for Russian oil in order to curb Russia’s profits from its energy sector, though it’s unclear precisely how such a cap would be implemented.