Washington, 25 December 2023 (TDI): On December 22, the US sanctions started to crack down on the Russian Financial Lifeline. White House National Security Advisor Jake Sullivan announced the expansion of US sanctions authorities against Russia’s financial facilitators.
US Ambassador to Ukraine Bridget A. Brink issued a written statement that said, “Our message is clear that there are increasing consequences for supporting Russia’s war in Ukraine.”
President Biden will sign an Executive Order to continue tightening the screws on Russia’s war machine and its enablers. Our sanctions and export control have significantly degraded Russia’s ability to replace equipment, materials, and technology.
The Executive Order amends Executive Order 14024 to expand authority to sanction financial institutions operating in sectors of the Russian economy that support its military-industrial base. The US will also target financial institutions that facilitate Russia’s industrial base, including the sale, supply, or transfer of certain critical items.
Furthermore, the Biden Administration has worked actively with allies and partners around the world to hold Russia accountable for its brutal and unjust war. According to the White House, the US intends to introduce import restrictions on certain diamonds mined, processed, or produced in Russia.
Moreover, the Department of Treasury will issue a determination that includes a list of critical items leading to full blocking sanctions or loss of strict conditions on US correspondent accounts.
Additionally, an amendment to Executive Order 14068 provides the authority to ban the importation of Russian-harvested products in Russia’s waters or flagged vessels.
Lastly, this action underscores the need for financial institutions worldwide to ensure they are not facilitating activities that support Russia’s war efforts. It gives the US ability to target financial institutions located outside of Russia and involved in Russia’s military-industrial base.