US expands sanctions against Russia

The new measures target companies in countries such as China in a bid to “discourage” trade with Moscow

The US Departments of State and Treasury on Wednesday sanctioned 300 additional individuals and entities in Russia and around the world, which it accuses of having links to Moscow’s “war economy.”

According to the Treasury Department, the latest measures target individuals and companies suspected of enabling Moscow to evade the Western embargo.

“Today’s actions strike at their remaining avenues for international materials and equipment, including their reliance on critical supplies from third countries,” said Treasury Secretary Janet Yellen.

“We are increasing the risk for financial institutions dealing with Russia’s war economy and eliminating paths for evasion, and diminishing Russia’s ability to benefit from access to foreign technology, equipment, software, and IT services.”

The two departments have issued a new interpretation of existing executive orders that prohibit US citizens from providing anyone in Russia with “IT consultancy and design services,” as well as “IT support services and cloud-based services for enterprise management software and design and manufacturing software.”

The Department of Treasury has also redefined Russia’s military-industrial base to include all persons sanctioned under Executive Order 14024 – including Sberbank and VTB – meaning that third-country financial institutions “risk being sanctioned for conducting or facilitating significant transactions, or providing any service” to them.

DETAILS TO FOLLOW