The measures announced Thursday during meetings between President Joe Biden and NATO, as well as the Group of Seven, will be followed by others to reduce Europe’s dependence on Russian oil and gas, the lifeblood of the nation’s economy. according to senior government officials.
The US will impose full blocking sanctions on more than 400 individuals and entities, including the Duma, the lower house of Russia’s parliament, and 328 of its members, more than a dozen Russian elites, and 48 Russian defense companies.
“I am announcing additional sanctions on over 400 Russian elites, lawmakers and defense companies in response to Putin’s war of choice in Ukraine,” Biden said in a tweet. “They personally benefit from the Kremlin’s policies and must share the pain.”
The sanctions will affect Herman Gref, the head of the Russian bank Sberbank and an adviser to President Vladimir Putin; Russian billionaire Gennady Timchenko, his companies and his relatives; as well as 17 members of the board of directors of the Russian financial institution Sovcombank.
Defense companies sanctioned include Russian Helicopters, Tactical Missiles Corporation, High Precision Systems, NPK Tekhmash OAO and Kronshtadt, according to the White House.
US Clean and the EU are doing the ban on gold transactions with the Russian central bank. A senior US official told reporters that allies have heard that Russia may use gold reserves to prop up the ruble and want to eliminate its ability to do so. The US and its partners have already blocked the central bank from accessing half of its roughly $630 billion in foreign exchange reserves in an earlier round of sanctions.
An agreement with European Union countries to reduce their dependence on Russian energy sources is expected to be announced fournes later, according to a senior administration official, who declined to detail the measures. The US and the EU are working on a deal to ensure US supplies of natural gas and hydrogen reach European states in an effort to end their reliance on Russian fuels, Bloomberg News reported Wednesday.
The G-7 leaders agreed on an initiative to coordinate the application of sanctions so that countries can jointly respond to any attempts to circumvent the measures, including a call to restrict Russia’s access to loans from the International Monetary Fund and the World Bank.
The EU is considering withstanding or expanding existing sanctions against Russia in coordination with the US, while refraining from major new steps to cut off oil and gas purchases amid a deepening divide within the bloc over how limit Moscow’s biggest source of income.
Any new measures that countries may agree to this week will be limited in scope and possibly focused on closing loopholes, according to an EU diplomat.
Europe continues to buy coal, oil, and gas from Russia, while energy-related transactions are exempt from financial sanctions, shielding some of Russia’s largest banks from horrific sanctions.
US sanctions Russian lawmakers, defense industry and Putin adviser
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