The US has significantly ramped up pressure on Russia with a sweeping package of sanctions targeting individuals, companies, and sectors crucial to the Russian economy, reports Reuters. This move coincides with the second anniversary of the Ukraine invasion and the death of opposition leader Alexei Navalny.
Over 500 entities were targeted, including:
- Sovcomflot: Russia’s leading tanker group, accused of violating the G7 oil price cap and facilitating oil sales funding the war.
- Financial Infrastructure: The National Payment Card System, Mir, aiming to disrupt Russia’s ability to evade sanctions and access the global financial system. Additionally, several banks and investment firms were sanctioned.
- Energy: The Arctic LNG 2 project, a major future source of Russian energy exports, was targeted by sanctioning companies involved in its construction and operation. Additionally, Russia’s largest LNG producer and a French energy company were impacted by previous sanctions on the project.
- Sanctions Evasion: Entities from China, Turkey, UAE, and Kazakhstan were sanctioned for helping Russia circumvent sanctions and acquire critical supplies.
- Military Cooperation: The Iranian Ministry of Defense was sanctioned for the first time for arms-related transfers to Russia, including drones used in Ukraine.
- Metals and Mining: Major Russian companies in the gold, pipe, aluminum, steel, and coal sectors were sanctioned, along with a Liechtenstein firm accused of disguising the origin of Russian precious metals.
- Munitions Transfers: Companies facilitating the transfer of munitions and military equipment from North Korea to Russia were sanctioned.
- Nuclear and Weapons Production: The Alexandrov Research Institute, involved in designing and supporting nuclear reactors, and nearly 60 entities involved in weapons and ammunition manufacture were sanctioned.
- Individuals: Three Russian officials connected to Navalny’s death were sanctioned.
The Biden administration also imposed export controls on 93 entities from various countries, including Russia, China, and Turkey, for supporting Russia’s war effort.
These comprehensive sanctions aim to cripple Russia’s ability to finance its war, hinder its military capabilities, and punish those involved in human rights abuses and sanctions evasion.
Thousands of senior engineers and procurement professionals subscribe to our LinkedIn Market Intel newsletter – get yours here
For more help with looking at supply chain options, contact Astute Electronics
