US President
Joe Biden intends to strengthen sanctions against Russia. Secondary sanctions will allow for the prosecution of
financial intermediaries in countries that help to circumvent sanctions. This was stated by a senior official of the Biden administration, UNN writes with
citing the White House website.
President Biden is set to sign a new executive order that strengthens U.S. sanctions powers against Russia, with a focus on those who finance Russia's war,
Details
According to the
the official said, the Kremlin has spent a lot of time and resources
directing its intelligence services to find ways to evade sanctions and
export controls. Intermediaries and front companies were created to
used financial intermediaries to circumvent restrictions and obtain
critical components for the war. These are goods such as semiconductors,
machine tools, chemical precursors, ball bearings, and optical systems.
Over the past
year, the U.S. and a global coalition have uncovered and disrupted
sanctions evasion networks by sanctioning or designating hundreds of
of front companies, intermediaries, and Russian companies that are taking steps to
to move such parts, the official said.
This instrument will be the first to allow us to use secondary sanctions to prosecute financial institutions,
A representative of the Biden administration
said that over the past two years, the U.S. has been talking to countries and banks about
the importance of ensuring that they do not provide material support
to the Russian economy.
He noted that over the
the last two years, as part of a global coalition that accounts for
more than half of the world's GDP, the United States has used economic tools to
to undermine Russia's ability to supply its army and limit the Kremlin's resources to wage
to wage war against Ukraine.
Our sanctions are already having a significant impact. Since February 2022, the Russian military has lost more than 13,000 pieces of equipment, including tanks, UAVs, and missile systems. It is now struggling to rebuild its arsenal due to production constraints, labor shortages, and limited access to foreign components. Our goal is to complicate each of these problems. And the decree that the President plans to sign will help us do just that,
Addendum
Russia is also facing increasingly difficult economic pressures. While the Kremlin's defense spending increased
by almost 75% in the first half of 2023, its energy export revenues
have fallen by almost 40% this year due to price caps imposed by the United States and our allies.
States and our allies.
The White House representative emphasized that in addition to energy exports, Russia is
is becoming increasingly isolated in global economic trade, while at the same time
facing a brain drain. Immigration
from Russia has reached a historic high. Foreign direct investment has gone into
negative.
Overall, Russia's economy is 5% smaller than projected before the war, and it is significantly
lags behind other oil exporting countries.
Recall
On December 18, the EU Council officially adopted the 12th packageof
of economic and individual sanctions against Russia, including a
a ban on the import, purchase or transfer of diamonds from Russia.
Canada expands sanctions against russia, adds dozens of individuals to the listDecember 12 2023, 04:53 PM • 25095 views