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U.S. Planning New Sanctions on Russia

By NAM News Room

The United States intends to impose sanctions designed to target additional sectors of the Russian economy that are critical to its invasion of Ukraine, according to Reuters (subscription).

What the administration is saying: “In addition to sanctioning companies in sectors that enable the Kremlin’s malign activities, we also plan to take actions to disrupt their critical supply chains,” said Deputy U.S. Treasury Secretary Wally Adeyemo. “Our goal is to use an integrated approach that includes export controls which will bite over time and sanctions that will bite immediately.”

Sanctions already in place: Since the invasion began on Feb. 24, the U.S. and its western allies have frozen the foreign assets of Russia’s central banks, banned hard currency transactions from Russian banks and wealthy elites and restricted exports of certain technologies. The sanctions have damaged Russia’s economy and diminished the Kremlin’s access to important resources. 

Timeline for sanctions: Adeyemo reported that U.S. sanctions against Russia will remain in place for as long as Russia’s invasion of Ukraine continues.

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