The White House states that the US and G7 nations will attack defense industry supply chain chains.
US and G7 countries will soon impose restrictions “hundreds of individuals and entities”The White House issued Monday’s announcement as part of its latest round of sanctions against Russia. The measures will target Russia’s military-industrial complex to deprive it of key technologies, it said.
The leading Western economies – the US, UK, France, Germany, Italy, Canada, and Japan – will “aggressively target” Russia’s major state-owned defense enterprises, defense research institutions, and other “defense-related”Companies with “blocking sanctions,”According to the White House, this statement was made. This is done to degrade the Russian defense sector. “critical components”The conflict with Kiev has also limited its ability to repair equipment, the statement added.
The West will not stop supporting the idea of a free world. “restrict Russia’s access to key industrial inputs, services, and technologies produced by our economies,”The White House stated that these measures would have more noticeable effects. “over time.”
Washington did not name any individuals or entities that would be subject to restrictions under the new sanctions. The US only stated that it will blacklist 500 Russian officials. “exercising illegitimate authority”Engage “human rights abuses.”
Foreign companies that engage in illegal activities will be subject to restrictions by the G7 countries. “backfill activities”And helping Russia avoid sanctions.
Washington announced further measures including the increase of tariffs “on more than 570 groups of Russian products worth approximately $2.3 billion to Russia.”They were “carefully calibrated” to hurt the Russian economy and spare America’s, the statement said. According to the White House, additional revenue from new tariffs may be used in support of Ukraine.
Japan, Canada, USA, UK, and Canada announced on Sunday an embargo of Russian gold. The initiative was met with resistance by Germany at the G7, who said that such decisions should be taken first by the EU.
Over Russia’s military operations in Ukraine, the US and allies have imposed severe sanctions against Russia. These include restrictions that target the financial and banking sectors and restrictions on businessmen and officials who are close to the Kremlin. Russian banks were also removed from SWIFT.
Soon after the start of their military operations in February, Canada and the USA announced an oil embargo against Russia. After weeks of discussions, the EU adopted the same policy in May. A waiver was granted to some countries within the bloc.
Some Western nations have opposed the sanctions, like Hungary. These countries claim the West’s actions will only harm the West and not significantly affect Russia. The US acknowledged in early June that Russia’s revenues from fossil fuels soared this spring despite the sanctions.
In mid-May, Bloomberg reported that Russia’s oil revenues jumped around 50% since the beginning of 2022, as Moscow rerouted exports to the Asia-Pacific region. Russia’s oil exports to India increased by 25 times in May, according to Reuters.